China Universal Asset Management Co. Ltd. Grows Holdings in 89bio, Inc. (NASDAQ:ETNB)

China Universal Asset Management Co. Ltd. increased its holdings in shares of 89bio, Inc. (NASDAQ:ETNB) by 76.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,370 shares of the company’s stock after purchasing an additional 8,810 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in 89bio were worth $151,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ETNB. PNC Financial Services Group Inc. boosted its stake in shares of 89bio by 10.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock worth $165,000 after buying an additional 1,360 shares during the period. Ameritas Investment Partners Inc. raised its stake in 89bio by 28.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after acquiring an additional 1,744 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in 89bio by 12.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after acquiring an additional 3,557 shares during the period. Swiss National Bank grew its stake in shares of 89bio by 3.1% in the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock valued at $1,713,000 after purchasing an additional 4,400 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of 89bio by 34.5% in the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock valued at $241,000 after purchasing an additional 5,319 shares during the period.

89bio Price Performance

ETNB stock opened at $7.78 on Friday. The firm has a 50 day moving average of $8.11 and a 200-day moving average of $8.38. The company has a market cap of $765.43 million, a price-to-earnings ratio of -3.95 and a beta of 1.09. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. 89bio, Inc. has a 12-month low of $6.88 and a 12-month high of $16.63.

89bio (NASDAQ:ETNB) last posted its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same period last year, the business posted ($0.52) earnings per share. As a group, equities analysts expect that 89bio, Inc. will post -2.32 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ETNB shares. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research report on Tuesday, August 6th. Royal Bank of Canada dropped their price target on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Finally, Raymond James boosted their target price on 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

89bio 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.