Wellington Management Group LLP Invests $2.67 Million in 89bio, Inc. (NASDAQ:ETNB)

Wellington Management Group LLP purchased a new stake in 89bio, Inc. (NASDAQ:ETNB) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 239,027 shares of the company’s stock, valued at approximately $2,670,000. Wellington Management Group LLP owned about 0.26% of 89bio as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of 89bio by 193.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock worth $7,550,000 after acquiring an additional 322,339 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of 89bio by 53.7% in the third quarter. PNC Financial Services Group Inc. now owns 13,400 shares of the company’s stock valued at $207,000 after purchasing an additional 4,680 shares during the period. Alpine Global Management LLC acquired a new stake in 89bio during the third quarter worth about $159,000. Schonfeld Strategic Advisors LLC raised its stake in 89bio by 17.8% during the third quarter. Schonfeld Strategic Advisors LLC now owns 277,562 shares of the company’s stock worth $4,286,000 after purchasing an additional 41,958 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in 89bio by 3.9% in the 3rd quarter. Alps Advisors Inc. now owns 55,671 shares of the company’s stock valued at $860,000 after purchasing an additional 2,109 shares during the last quarter.

Wall Street Analysts Forecast Growth

ETNB has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of 89bio in a research report on Tuesday, June 11th. Bank of America reiterated a “buy” rating and set a $30.00 price target on shares of 89bio in a report on Monday, April 22nd. Evercore ISI reduced their price objective on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 15th. Oppenheimer reaffirmed a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Wednesday, June 12th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 89bio has an average rating of “Moderate Buy” and a consensus target price of $28.14.

89bio Stock Performance

NASDAQ ETNB opened at $8.01 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 15.03 and a quick ratio of 15.03. The company has a market cap of $788.02 million, a P/E ratio of -3.99 and a beta of 1.11. The stock has a 50-day moving average of $8.55 and a two-hundred day moving average of $10.06. 89bio, Inc. has a 1-year low of $6.57 and a 1-year high of $19.89.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). During the same quarter in the previous year, the business posted ($0.54) EPS. As a group, analysts anticipate that 89bio, Inc. will post -2.42 EPS for the current year.

89bio 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.