Raymond James Financial Services Advisors Inc. Purchases Shares of 160,194 89bio, Inc. (NASDAQ:ETNB)

Raymond James Financial Services Advisors Inc. purchased a new stake in shares of 89bio, Inc. (NASDAQ:ETNBGet Rating) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 160,194 shares of the company’s stock, valued at approximately $928,000.

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. lifted its position in shares of 89bio by 8.3% during the first quarter. BlackRock Inc. now owns 922,230 shares of the company’s stock valued at $3,476,000 after buying an additional 70,489 shares during the last quarter. DAFNA Capital Management LLC lifted its position in shares of 89bio by 136.6% during the second quarter. DAFNA Capital Management LLC now owns 766,774 shares of the company’s stock valued at $2,469,000 after buying an additional 442,721 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of 89bio in the 2nd quarter valued at approximately $1,630,000. Bank of America Corp DE raised its position in shares of 89bio by 294.7% in the 1st quarter. Bank of America Corp DE now owns 418,649 shares of the company’s stock valued at $1,578,000 after purchasing an additional 312,587 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of 89bio by 15.7% in the 2nd quarter. Renaissance Technologies LLC now owns 304,867 shares of the company’s stock valued at $982,000 after purchasing an additional 41,467 shares during the last quarter. 87.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on ETNB shares. Royal Bank of Canada decreased their price objective on shares of 89bio from $35.00 to $29.00 and set an “outperform” rating for the company in a research report on Friday, November 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $34.00 price objective (up from $27.00) on shares of 89bio in a research report on Monday, November 14th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, 89bio currently has a consensus rating of “Buy” and an average target price of $25.25.

Insider Transactions at 89bio

In other news, CFO Ryan Martins sold 5,947 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $12.51, for a total transaction of $74,396.97. Following the sale, the chief financial officer now owns 36,368 shares of the company’s stock, valued at approximately $454,963.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.80% of the company’s stock.

89bio Stock Performance

ETNB opened at $12.47 on Friday. 89bio, Inc. has a 12-month low of $2.00 and a 12-month high of $12.95. The company has a current ratio of 5.81, a quick ratio of 5.81 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $580.32 million, a PE ratio of -2.86 and a beta of 0.88. The firm has a 50 day moving average of $10.07 and a two-hundred day moving average of $7.25.

89bio (NASDAQ:ETNBGet Rating) last posted its quarterly earnings results on Thursday, November 10th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.32. On average, analysts anticipate that 89bio, Inc. will post -2.65 EPS for the current year.

89bio Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for 89bio (NASDAQ:ETNB)

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