Candriam S.C.A. Lowers Position in 89BIO $ETNB

Candriam S.C.A. cut its position in shares of 89BIO (NASDAQ:ETNB) by 7.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 766,211 shares of the company’s stock after selling 65,612 shares during the period. Candriam S.C.A.’s holdings in 89BIO were worth $7,525,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC lifted its position in 89BIO by 9,265.1% during the first quarter. CWM LLC now owns 5,900 shares of the company’s stock valued at $43,000 after buying an additional 5,837 shares during the period. KBC Group NV bought a new position in shares of 89BIO in the 2nd quarter worth about $55,000. AlphaQuest LLC increased its stake in shares of 89BIO by 213.8% in the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock worth $65,000 after acquiring an additional 4,506 shares in the last quarter. Ieq Capital LLC purchased a new position in 89BIO during the 1st quarter valued at about $89,000. Finally, Allianz Asset Management GmbH purchased a new position in 89BIO during the 1st quarter valued at about $93,000.

89BIO Stock Performance

Shares of NASDAQ ETNB opened at $14.84 on Friday. The firm’s 50 day moving average price is $13.77 and its 200-day moving average price is $10.94. 89BIO has a 52-week low of $4.16 and a 52-week high of $15.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The company has a market cap of $2.20 billion, a PE ratio of -4.11 and a beta of 1.27.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ETNB. Royal Bank Of Canada cut their price objective on shares of 89BIO from $12.00 to $11.00 and set a “sector perform” rating on the stock in a report on Friday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of 89BIO in a research report on Wednesday, October 8th. Wolfe Research downgraded 89BIO from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 19th. Raymond James Financial cut 89BIO from a “strong-buy” rating to a “market perform” rating in a research note on Friday, September 19th. Finally, HC Wainwright downgraded 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 target price on the stock. in a report on Friday, September 19th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $22.50.

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. 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.