Renaissance Technologies LLC Invests $2.24 Million in 89bio, Inc. (NASDAQ:ETNB)

Renaissance Technologies LLC bought a new position in shares of 89bio, Inc. (NASDAQ:ETNB) in the second quarter, Holdings Channel reports. The fund bought 279,400 shares of the company’s stock, valued at approximately $2,238,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quest Partners LLC lifted its holdings in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after buying an additional 5,626 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after buying an additional 1,744 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of 89bio during the first quarter worth $124,000. Chicago Partners Investment Group LLC lifted its holdings in shares of 89bio by 43.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock worth $158,000 after buying an additional 4,673 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of 89bio by 10.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock worth $165,000 after buying an additional 1,360 shares in the last quarter.

89bio Stock Performance

89bio stock opened at $7.26 on Thursday. 89bio, Inc. has a 12-month low of $6.57 and a 12-month high of $16.63. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average price is $8.40 and its two-hundred day moving average price is $8.84. The stock has a market cap of $714.27 million, a PE ratio of -3.61 and a beta of 1.09.

89bio (NASDAQ:ETNB) last released its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.08. During the same period in the prior year, the firm posted ($0.52) earnings per share. As a group, analysts expect that 89bio, Inc. will post -2.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.