89bio, Inc. (NASDAQ:ETNB) Stake Boosted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its stake in 89bio, Inc. (NASDAQ:ETNB) by 12.8% during the second quarter, HoldingsChannel reports. The firm owned 31,355 shares of the company’s stock after acquiring an additional 3,557 shares during the period. The Manufacturers Life Insurance Company’s holdings in 89bio were worth $251,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its stake in 89bio by 10.1% during 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 in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after purchasing an additional 1,744 shares during the last quarter. Swiss National Bank lifted its holdings in 89bio by 3.1% in the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock worth $1,713,000 after purchasing an additional 4,400 shares during the last quarter. ProShare Advisors LLC lifted its holdings in 89bio by 34.5% in the 1st quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock worth $241,000 after purchasing an additional 5,319 shares during the last quarter. Finally, Quest Partners LLC lifted its holdings in 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Raymond James upped their price target on 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a report on Tuesday, August 6th. Royal Bank of Canada cut their price target on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, September 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.00.

89bio Stock Performance

ETNB opened at $8.35 on Friday. The stock has a market cap of $821.51 million, a PE ratio of -4.15 and a beta of 1.09. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. 89bio, Inc. has a 1 year low of $6.57 and a 1 year high of $16.63. The stock’s 50 day simple moving average is $8.17 and its 200-day simple moving average is $8.55.

89bio (NASDAQ:ETNB) last released its quarterly earnings data 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 earned ($0.52) EPS. Sell-side analysts forecast that 89bio, Inc. will post -2.32 EPS 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.