89BIO $ETNB Shares Sold by Inspire Investing LLC

Inspire Investing LLC cut its stake in shares of 89BIO (NASDAQ:ETNB) by 9.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,966 shares of the company’s stock after selling 4,751 shares during the quarter. Inspire Investing LLC’s holdings in 89BIO were worth $341,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ETNB. RA Capital Management L.P. grew its holdings in 89BIO by 40.3% during the 1st quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company’s stock worth $144,598,000 after acquiring an additional 5,714,285 shares in the last quarter. Vanguard Group Inc. increased its stake in 89BIO by 25.8% in the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company’s stock valued at $52,079,000 after purchasing an additional 1,471,278 shares during the last quarter. Beck Bode LLC acquired a new stake in 89BIO during the first quarter worth approximately $13,199,000. Emerald Advisers LLC purchased a new stake in shares of 89BIO during the 1st quarter worth approximately $11,273,000. Finally, University of Wisconsin Foundation boosted its holdings in shares of 89BIO by 25.7% in the 1st quarter. University of Wisconsin Foundation now owns 1,153,357 shares of the company’s stock valued at $8,385,000 after buying an additional 236,000 shares in the last quarter.

Insider Transactions at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the transaction, the insider directly owned 309,364 shares of the company’s stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

89BIO Trading Up 1.4%

NASDAQ:ETNB opened at $8.08 on Thursday. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The stock’s 50 day simple moving average is $9.35 and its 200-day simple moving average is $8.71. The firm has a market cap of $1.20 billion, a P/E ratio of -2.24 and a beta of 1.27.

89BIO (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the prior year, the business earned ($0.48) EPS. Equities analysts anticipate that 89BIO will post -3.19 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ETNB. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89BIO in a research note on Saturday, September 13th. HC Wainwright assumed coverage on 89BIO in a research report on Thursday, September 4th. They set a “buy” rating and a $32.00 target price on the stock. Bank of America decreased their target price on 89BIO from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, August 25th. Finally, Royal Bank Of Canada cut their price target on 89BIO from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $28.00.

About 89BIO

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.