Profund Advisors LLC Cuts Stake in 89bio, Inc. (NASDAQ:ETNB)

Profund Advisors LLC reduced its stake in 89bio, Inc. (NASDAQ:ETNB) by 62.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 27,100 shares of the company’s stock after selling 44,640 shares during the period. Profund Advisors LLC’s holdings in 89bio were worth $217,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quest Partners LLC raised its stake in 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after acquiring an additional 5,626 shares during the period. Ameritas Investment Partners Inc. raised its stake in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after acquiring an additional 1,744 shares during the period. Principal Financial Group Inc. bought a new stake in 89bio in the 1st quarter valued at about $124,000. Chicago Partners Investment Group LLC raised its stake in 89bio by 43.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock valued at $158,000 after acquiring an additional 4,673 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in 89bio by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock valued at $165,000 after acquiring an additional 1,360 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ETNB shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a research report on Tuesday, August 6th. Raymond James upped their price target on 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada cut their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and an average target price of $30.14.

89bio Stock Down 1.4 %

Shares of ETNB opened at $7.26 on Monday. The firm has a market cap of $714.27 million, a P/E ratio of -3.61 and a beta of 1.11. The stock has a 50 day simple moving average of $8.48 and a two-hundred day simple moving average of $8.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92. 89bio, Inc. has a 1 year low of $6.57 and a 1 year high of $16.63.

89bio (NASDAQ:ETNB) last issued its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same period in the previous year, the business posted ($0.52) earnings per share. On average, analysts forecast that 89bio, Inc. will post -2.32 earnings per share for the current fiscal 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.