Algert Global LLC Acquires 123,190 Shares of 89bio, Inc. (NASDAQ:ETNB)

Algert Global LLC lifted its stake in 89bio, Inc. (NASDAQ:ETNB) by 198.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 185,407 shares of the company’s stock after purchasing an additional 123,190 shares during the quarter. Algert Global LLC’s holdings in 89bio were worth $1,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in shares of 89bio by 11.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company’s stock worth $109,000 after acquiring an additional 1,437 shares during the last quarter. New York State Common Retirement Fund grew its position in 89bio by 24.3% during the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock valued at $128,000 after purchasing an additional 3,200 shares during the last quarter. Arizona State Retirement System grew its position in 89bio by 15.8% during the 4th quarter. Arizona State Retirement System now owns 23,817 shares of the company’s stock valued at $186,000 after purchasing an additional 3,252 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in 89bio by 17.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 26,185 shares of the company’s stock valued at $205,000 after purchasing an additional 3,820 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in 89bio by 12.0% in the fourth quarter. Invesco Ltd. now owns 36,236 shares of the company’s stock worth $283,000 after buying an additional 3,893 shares during the last quarter.

Insider Activity

In related news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the transaction, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

89bio Trading Down 1.2 %

Shares of NASDAQ:ETNB opened at $7.70 on Friday. The stock’s 50-day simple moving average is $7.26 and its two-hundred day simple moving average is $8.16. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -2.65 and a beta of 1.23. 89bio, Inc. has a 52-week low of $4.16 and a 52-week high of $11.84. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

89bio (NASDAQ:ETNB) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.01. During the same quarter in the previous year, the company posted ($0.54) earnings per share. Analysts expect that 89bio, Inc. will post -3.19 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on ETNB. Citigroup assumed coverage on shares of 89bio in a report on Thursday, March 13th. They set a “buy” rating and a $25.00 price target on the stock. Cantor Fitzgerald raised 89bio to a “strong-buy” rating in a report on Wednesday, April 30th. UBS Group upped their price target on 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a report on Friday, January 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a report on Thursday, April 24th. Finally, Wolfe Research assumed coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 89bio presently has a consensus rating of “Buy” and an average price target of $27.25.

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.