89bio, Inc. (NASDAQ:ETNB) Shares Bought by Sandia Investment Management LP

Sandia Investment Management LP increased its holdings in 89bio, Inc. (NASDAQ:ETNB) by 28.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,286 shares of the company’s stock after acquiring an additional 2,500 shares during the quarter. Sandia Investment Management LP’s holdings in 89bio were worth $88,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ETNB. Federated Hermes Inc. increased its holdings in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after acquiring an additional 4,236 shares during the period. Quarry LP acquired a new position in shares of 89bio in the 4th quarter valued at $55,000. Kingswood Wealth Advisors LLC acquired a new position in shares of 89bio in the 4th quarter valued at $86,000. Hsbc Holdings PLC acquired a new position in 89bio in the 4th quarter valued at $87,000. Finally, Tower Research Capital LLC TRC increased its stake in 89bio by 109.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company’s stock valued at $92,000 after buying an additional 6,132 shares during the period.

Analyst Ratings Changes

ETNB has been the topic of several recent research reports. Cantor Fitzgerald raised shares of 89bio to a “strong-buy” rating in a research note on Wednesday, April 30th. Citigroup initiated coverage on shares of 89bio in a research note on Thursday, March 13th. They issued a “buy” rating and a $25.00 price objective on the stock. The Goldman Sachs Group initiated coverage on shares of 89bio in a research note on Friday, March 14th. They issued a “neutral” rating and a $11.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Saturday, May 10th. Finally, UBS Group boosted their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, 89bio currently has a consensus rating of “Buy” and an average price target of $26.43.

Insider Activity

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the transaction, the insider now owns 328,323 shares of the company’s stock, valued at $1,953,521.85. This represents a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

89bio Price Performance

89bio stock opened at $7.78 on Friday. 89bio, Inc. has a 52 week low of $4.16 and a 52 week high of $11.84. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm’s 50-day simple moving average is $7.27 and its 200 day simple moving average is $8.16. The firm has a market capitalization of $1.14 billion, a PE ratio of -2.67 and a beta of 1.23.

89bio (NASDAQ:ETNB) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.01. During the same quarter in the previous year, the business earned ($0.54) earnings per share. On average, equities research analysts predict that 89bio, Inc. will post -3.19 EPS for the current fiscal year.

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.