PDT Partners LLC Purchases New Holdings in 89bio, Inc. (NASDAQ:ETNB)

PDT Partners LLC acquired a new position in shares of 89bio, Inc. (NASDAQ:ETNB) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 169,245 shares of the company’s stock, valued at approximately $1,252,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETNB. Vanguard Group Inc. boosted its position in shares of 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after purchasing an additional 415,386 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after buying an additional 686,673 shares during the last quarter. Candriam S.C.A. raised its stake in 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after buying an additional 538,079 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 89bio by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock worth $5,336,000 after acquiring an additional 53,932 shares during the last quarter. Finally, Integral Health Asset Management LLC increased its holdings in shares of 89bio by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 450,000 shares of the company’s stock valued at $3,604,000 after acquiring an additional 150,000 shares in the last quarter.

89bio Stock Performance

Shares of ETNB opened at $8.99 on Monday. 89bio, Inc. has a one year low of $7.00 and a one year high of $16.63. The business has a fifty day moving average of $8.26 and a 200 day moving average of $8.38. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a market capitalization of $954.07 million, a P/E ratio of -3.09 and a beta of 1.07.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the acquisition, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

ETNB has been the topic of a number of analyst reports. 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 reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Finally, Raymond James reduced their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.33.

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.