89bio, Inc. (NASDAQ:ETNB) Shares Purchased by Algert Global LLC

Algert Global LLC raised its stake in 89bio, Inc. (NASDAQ:ETNB) by 103.4% in the third quarter, HoldingsChannel reports. The fund owned 62,217 shares of the company’s stock after purchasing an additional 31,630 shares during the period. Algert Global LLC’s holdings in 89bio were worth $460,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Quest Partners LLC lifted its stake in shares of 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 purchasing an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio in the second quarter valued at $66,000. China Universal Asset Management Co. Ltd. raised its position in shares of 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after acquiring an additional 8,810 shares during the period. Intech Investment Management LLC purchased a new stake in shares of 89bio during the 3rd quarter worth about $160,000. Finally, SG Americas Securities LLC purchased a new stake in shares of 89bio during the 2nd quarter worth about $203,000.

Analyst Upgrades and Downgrades

ETNB has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Friday, September 20th. HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Raymond James decreased their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Finally, Royal Bank of Canada cut their price target on shares of 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, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, 89bio presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Trading Down 1.6 %

Shares of ETNB stock opened at $8.99 on Friday. 89bio, Inc. has a fifty-two week low of $7.00 and a fifty-two week high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock’s fifty day moving average is $8.26 and its two-hundred day moving average is $8.39. The firm has a market capitalization of $954.11 million, a P/E ratio of -3.09 and a beta of 1.07.

Insider Activity

In related news, CEO Rohan Palekar purchased 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was acquired at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.80% of the company’s stock.

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.