Allianz Asset Management GmbH Purchases 48,200 Shares of 89BIO $ETNB

Allianz Asset Management GmbH lifted its position in 89BIO (NASDAQ:ETNB) by 376.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 61,000 shares of the company’s stock after purchasing an additional 48,200 shares during the period. Allianz Asset Management GmbH’s holdings in 89BIO were worth $599,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Woodline Partners LP lifted its holdings in 89BIO by 77.5% in the 1st 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 during the period. Voya Investment Management LLC grew its stake in shares of 89BIO by 417.9% in the 1st quarter. Voya Investment Management LLC now owns 132,791 shares of the company’s stock worth $965,000 after buying an additional 107,151 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in 89BIO in the 1st quarter valued at approximately $719,000. Goldman Sachs Group Inc. lifted its position in 89BIO by 23.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 995,449 shares of the company’s stock valued at $7,237,000 after acquiring an additional 188,367 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in 89BIO by 17.0% in the 1st quarter. Rhumbline Advisers now owns 152,138 shares of the company’s stock valued at $1,106,000 after acquiring an additional 22,158 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ETNB shares. HC Wainwright cut 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 price target on the stock. in a report on Friday, September 19th. Bank of America decreased their price target on 89BIO from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Monday, August 25th. Zacks Research cut 89BIO from a “hold” rating to a “strong sell” rating in a report on Monday, October 20th. Royal Bank Of Canada cut their price objective on 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Friday, August 8th. Finally, Raymond James Financial lowered 89BIO from a “strong-buy” rating to a “market perform” rating in a research report on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $25.81.

89BIO Stock Up 0.3%

Shares of NASDAQ ETNB opened at $14.83 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -4.11 and a beta of 1.27. The stock has a 50 day moving average price of $12.17 and a 200 day moving average price of $10.13. 89BIO has a 52-week low of $4.16 and a 52-week high of $15.06.

89BIO (NASDAQ:ETNB) last announced its quarterly earnings results 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 quarter in the previous year, the firm posted ($0.48) earnings per share. Sell-side analysts expect that 89BIO will post -3.19 earnings per share for the current year.

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.