Bank of New York Mellon Corp Purchases 9,314 Shares of 89bio, Inc. (NASDAQ:ETNB)

Bank of New York Mellon Corp grew its position in shares of 89bio, Inc. (NASDAQ:ETNB) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 248,156 shares of the company’s stock after acquiring an additional 9,314 shares during the quarter. Bank of New York Mellon Corp’s holdings in 89bio were worth $1,941,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ETNB. Quest Partners LLC increased its holdings in shares of 89bio by 172.1% during the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after acquiring an additional 13,961 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of 89bio during the third quarter valued at approximately $160,000. Charles Schwab Investment Management Inc. increased its holdings in shares of 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock valued at $5,336,000 after acquiring an additional 53,932 shares in the last quarter. Algert Global LLC increased its holdings in shares of 89bio by 103.4% during the third quarter. Algert Global LLC now owns 62,217 shares of the company’s stock valued at $460,000 after acquiring an additional 31,630 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after buying an additional 686,673 shares in the last quarter.

89bio Price Performance

Shares of ETNB stock opened at $8.52 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio, Inc. has a fifty-two week low of $5.99 and a fifty-two week high of $11.89. The firm has a market cap of $1.24 billion, a P/E ratio of -2.93 and a beta of 1.17. The business’s 50 day moving average price is $8.94 and its 200-day moving average price is $8.43.

89bio (NASDAQ:ETNB) last released its earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, equities research analysts anticipate that 89bio, Inc. will post -3.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ETNB. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Wolfe Research began coverage on 89bio in a report on Tuesday, February 4th. They set an “outperform” rating for the company. UBS Group upped their price target on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Raymond James raised 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.56.

Insider Transactions at 89bio

In related news, Director Charles Mcwherter purchased 5,000 shares of 89bio stock in a transaction on Tuesday, January 21st. The stock was acquired at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $98,250. This represents a 50.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ra Capital Management, L.P. purchased 5,714,285 shares of 89bio stock in a transaction on Thursday, January 30th. The stock was bought at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the transaction, the director now owns 19,554,319 shares of the company’s stock, valued at approximately $171,100,291.25. This represents a 41.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company’s stock.

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.