Orchard Capital Management LLC Sells 10,142 Shares of 89bio, Inc. (NASDAQ:ETNB)

Orchard Capital Management LLC trimmed its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 1.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 739,208 shares of the company’s stock after selling 10,142 shares during the quarter. 89bio comprises approximately 1.8% of Orchard Capital Management LLC’s investment portfolio, making the stock its 28th biggest position. Orchard Capital Management LLC’s holdings in 89bio were worth $5,921,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC boosted its position in 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 purchasing an additional 5,626 shares during the period. Ameritas Investment Partners Inc. boosted its position in 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 purchasing an additional 1,744 shares during the period. Principal Financial Group Inc. bought a new position in 89bio during the first quarter worth $124,000. Chicago Partners Investment Group LLC boosted its position in shares of 89bio by 43.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock valued at $158,000 after acquiring an additional 4,673 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of 89bio by 10.1% in the fourth 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 during the period.

89bio Stock Down 0.2 %

ETNB stock opened at $8.29 on Friday. The company has a market cap of $815.60 million, a PE ratio of -4.12 and a beta of 1.11. The business has a 50-day simple moving average of $8.62 and a 200 day simple moving average of $9.21. 89bio, Inc. has a 52 week low of $6.57 and a 52 week high of $17.17. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04.

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

Analyst Upgrades and Downgrades

ETNB has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Monday, July 1st. Raymond James boosted their target price on shares of 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada reduced their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.14.

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.