89bio, Inc. (NASDAQ:ETNB) Shares Purchased by Quest Partners LLC

Quest Partners LLC increased its position in 89bio, Inc. (NASDAQ:ETNB) by 172.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 22,074 shares of the company’s stock after acquiring an additional 13,961 shares during the period. Quest Partners LLC’s holdings in 89bio were worth $163,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its stake in 89bio by 165.3% during the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after purchasing an additional 142,032 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the period. Gilliland Jeter Wealth Management LLC grew its holdings in shares of 89bio by 42.6% during the third quarter. Gilliland Jeter Wealth Management LLC now owns 46,159 shares of the company’s stock valued at $342,000 after buying an additional 13,783 shares in the last quarter. Inspire Investing LLC acquired a new stake in 89bio during the 3rd quarter worth about $415,000. Finally, SG Americas Securities LLC lifted its position in shares of 89bio by 21.4% in the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after purchasing an additional 5,421 shares in the last quarter.

89bio Stock Up 2.7 %

Shares of ETNB opened at $9.14 on Friday. The company has a 50-day simple moving average of $8.24 and a 200-day simple moving average of $8.39. 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 firm has a market capitalization of $969.99 million, a P/E ratio of -3.14 and a beta of 1.07. 89bio, Inc. has a 52 week low of $7.00 and a 52 week high of $16.63.

Wall Street Analysts Forecast Growth

ETNB has been the topic of a number of research reports. Raymond James dropped their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Monday, November 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Finally, Royal Bank of Canada dropped their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.33.

Insider Transactions at 89bio

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average price of $8.35 per share, with a total value 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.80% of the stock is owned by insiders.

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.