Teacher Retirement System of Texas Purchases 6,521 Shares of 89bio, Inc. (NASDAQ:ETNB)

Teacher Retirement System of Texas raised its holdings in 89bio, Inc. (NASDAQ:ETNB) by 36.4% in the fourth quarter, Holdings Channel reports. The firm owned 24,442 shares of the company’s stock after purchasing an additional 6,521 shares during the period. Teacher Retirement System of Texas’ holdings in 89bio were worth $191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC bought a new stake in 89bio in the 4th quarter valued at about $86,000. Victory Capital Management Inc. boosted its stake in 89bio by 11.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company’s stock valued at $109,000 after buying an additional 1,437 shares during the period. New York State Common Retirement Fund boosted its position in shares of 89bio by 24.3% during the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock valued at $128,000 after acquiring an additional 3,200 shares during the last quarter. Intech Investment Management LLC purchased a new position in 89bio in the 3rd quarter worth approximately $160,000. Finally, Arizona State Retirement System lifted its stake in 89bio by 15.8% during the fourth quarter. Arizona State Retirement System now owns 23,817 shares of the company’s stock worth $186,000 after purchasing an additional 3,252 shares during the last quarter.

89bio Stock Performance

NASDAQ:ETNB opened at $7.19 on Thursday. The stock has a 50-day moving average price of $9.19 and a 200 day moving average price of $8.40. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a 12-month low of $5.99 and a 12-month high of $11.84. The stock has a market capitalization of $1.05 billion, a P/E ratio of -2.47 and a beta of 1.17.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.42). Equities research analysts forecast that 89bio, Inc. will post -3.19 EPS for the current fiscal year.

Analysts Set New Price Targets

ETNB has been the topic of a number of recent research reports. Citigroup began coverage on 89bio in a research note on Thursday, March 13th. They set a “buy” rating and a $25.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price (down from $29.00) on shares of 89bio in a report on Friday, February 28th. The Goldman Sachs Group initiated coverage on 89bio in a research report on Friday, March 14th. They issued a “neutral” rating and a $11.00 target price for the company. Finally, Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.56.

Insider Activity at 89bio

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

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.