89BIO $ETNB Shares Sold by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS reduced its holdings in 89BIO (NASDAQ:ETNB) by 40.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,900 shares of the company’s stock after selling 13,700 shares during the period. KLP Kapitalforvaltning AS’s holdings in 89BIO were worth $195,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ETNB. Woodline Partners LP lifted its position in 89BIO by 77.5% during the first quarter. Woodline Partners LP now owns 700,754 shares of the company’s stock worth $5,094,000 after buying an additional 305,928 shares in the last quarter. Voya Investment Management LLC grew its stake in 89BIO by 417.9% during the 1st quarter. Voya Investment Management LLC now owns 132,791 shares of the company’s stock worth $965,000 after purchasing an additional 107,151 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in 89BIO during the 1st quarter worth $719,000. Goldman Sachs Group Inc. grew its stake in 89BIO by 23.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 995,449 shares of the company’s stock worth $7,237,000 after purchasing an additional 188,367 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in 89BIO by 17.0% during the 1st quarter. Rhumbline Advisers now owns 152,138 shares of the company’s stock worth $1,106,000 after buying an additional 22,158 shares during the last quarter.

89BIO Stock Up 0.3%

NASDAQ:ETNB opened at $14.80 on Tuesday. The firm has a market capitalization of $2.19 billion, a PE ratio of -4.10 and a beta of 1.27. The stock has a 50 day moving average of $11.61 and a 200-day moving average of $9.80. 89BIO has a 52 week low of $4.16 and a 52 week high of $15.06. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07.

89BIO (NASDAQ:ETNB) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.22). During the same period last year, the company earned ($0.48) earnings per share. Analysts predict that 89BIO will post -3.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wolfe Research cut 89BIO from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 19th. Royal Bank Of Canada cut their target price on 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a research note on Friday, August 8th. Bank of America dropped their price objective on 89BIO from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Monday, August 25th. HC Wainwright cut 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 target price on the stock. in a report on Friday, September 19th. Finally, Raymond James Financial cut 89BIO from a “strong-buy” rating to a “market perform” rating in a report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $25.81.

89BIO Company Profile

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.