PNC Financial Services Group Inc. Acquires 1,360 Shares of 89bio, Inc. (NASDAQ:ETNB)

PNC Financial Services Group Inc. increased its holdings in shares of 89bio, Inc. (NASDAQ:ETNB) by 10.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,760 shares of the company’s stock after acquiring an additional 1,360 shares during the period. PNC Financial Services Group Inc.’s holdings in 89bio were worth $165,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. New York State Common Retirement Fund boosted its holdings in 89bio by 4.8% during the fourth quarter. New York State Common Retirement Fund now owns 26,041 shares of the company’s stock valued at $291,000 after purchasing an additional 1,190 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of 89bio by 9.0% during the 4th quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock worth $176,000 after buying an additional 1,299 shares during the period. Alps Advisors Inc. boosted its stake 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 buying an additional 2,109 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in 89bio in the fourth quarter valued at $34,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in 89bio by 7.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,644 shares of the company’s stock worth $510,000 after acquiring an additional 3,278 shares in the last quarter.

89bio Price Performance

ETNB opened at $7.48 on Thursday. 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 stock has a market capitalization of $735.88 million, a P/E ratio of -3.72 and a beta of 1.10. The company’s 50 day simple moving average is $8.47 and its 200-day simple moving average is $10.00. 89bio, Inc. has a one year low of $6.57 and a one year high of $19.61.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ETNB. Bank of America restated a “buy” rating and issued a $30.00 target price on shares of 89bio in a research note on Monday, April 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research note on Tuesday, June 11th. Finally, Evercore ISI decreased their price target on 89bio from $37.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, 89bio has a consensus rating of “Moderate Buy” and an average target price of $26.67.

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.