Orchard Capital Management LLC Reduces Holdings in 89BIO $ETNB

Orchard Capital Management LLC trimmed its stake in shares of 89BIO (NASDAQ:ETNB) by 57.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,119 shares of the company’s stock after selling 266,239 shares during the quarter. 89BIO makes up 2.2% of Orchard Capital Management LLC’s investment portfolio, making the stock its 15th largest position. Orchard Capital Management LLC’s holdings in 89BIO were worth $1,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. KBC Group NV purchased a new stake in shares of 89BIO during the second quarter valued at approximately $55,000. CWM LLC raised its holdings in 89BIO by 9,265.1% during the 1st 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 last quarter. AlphaQuest LLC boosted its position in 89BIO by 213.8% during the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock valued at $65,000 after buying an additional 4,506 shares during the period. Ieq Capital LLC purchased a new stake in 89BIO during the 1st quarter valued at $89,000. Finally, Ameritas Investment Partners Inc. grew its holdings in 89BIO by 12.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,743 shares of the company’s stock worth $125,000 after acquiring an additional 1,422 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ETNB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89BIO in a research note on Wednesday, October 8th. Zacks Research lowered 89BIO from a “hold” rating to a “strong sell” rating in a research report on Monday, October 20th. Wall Street Zen cut 89BIO to a “strong sell” rating in a report on Saturday, November 1st. Wolfe Research cut 89BIO from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 19th. Finally, Raymond James Financial downgraded 89BIO from a “strong-buy” rating to a “market perform” rating in a report on Friday, September 19th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, 89BIO currently has a consensus rating of “Hold” and a consensus target price of $22.50.

89BIO Stock Performance

Shares of ETNB opened at $14.84 on Friday. The company has a 50-day simple moving average of $14.81 and a two-hundred day simple moving average of $11.37. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The firm has a market capitalization of $2.20 billion, a PE ratio of -4.11 and a beta of 1.27. 89BIO has a one year low of $4.16 and a one year high of $15.06.

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.