Suvretta Capital Management LLC Takes $33.67 Million Position in 89bio, Inc. (NASDAQ:ETNB)

Suvretta Capital Management LLC bought a new position in shares of 89bio, Inc. (NASDAQ:ETNB) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,210,536 shares of the company’s stock, valued at approximately $33,666,000. 89bio makes up approximately 1.4% of Suvretta Capital Management LLC’s portfolio, making the stock its 26th largest position. Suvretta Capital Management LLC owned approximately 3.03% of 89bio as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in 89bio during the 1st quarter worth about $30,000. Picton Mahoney Asset Management grew its position in 89bio by 1.8% in the fourth quarter. Picton Mahoney Asset Management now owns 111,600 shares of the company’s stock valued at $1,421,000 after acquiring an additional 2,000 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in shares of 89bio during the first quarter worth $39,000. Dorsey Wright & Associates bought a new stake in shares of 89bio during the fourth quarter worth about $37,000. Finally, Tower Research Capital LLC TRC increased its holdings in 89bio by 167.4% in the first quarter. Tower Research Capital LLC TRC now owns 8,179 shares of the company’s stock valued at $125,000 after purchasing an additional 5,120 shares during the period.

Insiders Place Their Bets

In other news, Director Kathleen Laporte sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $18.80, for a total value of $235,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.40% of the company’s stock.

89bio Stock Up 0.7 %

89bio stock traded up $0.12 during mid-day trading on Monday, reaching $16.72. The stock had a trading volume of 99,336 shares, compared to its average volume of 1,529,734. The firm has a market capitalization of $1.26 billion, a PE ratio of -7.90 and a beta of 0.68. The stock’s 50-day simple moving average is $17.01 and its 200-day simple moving average is $16.66. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.96 and a current ratio of 18.96. 89bio, Inc. has a fifty-two week low of $4.74 and a fifty-two week high of $22.93.

89bio (NASDAQ:ETNB) last posted its earnings results on Wednesday, August 9th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.08). On average, sell-side analysts forecast that 89bio, Inc. will post -2.14 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of 89bio from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, August 10th. Cantor Fitzgerald cut their price target on shares of 89bio from $41.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, August 10th. HC Wainwright reissued a “buy” rating and issued a $35.00 price objective on shares of 89bio in a research report on Thursday, August 10th. Evercore ISI assumed coverage on 89bio in a research report on Tuesday, June 13th. They set an “outperform” rating and a $49.00 target price on the stock. Finally, BTIG Research raised their target price on 89bio from $30.00 to $37.00 in a research note on Sunday, July 2nd. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $37.44.

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. The company's 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.