Raymond James Financial Services Advisors Inc. lessened its stake in 89bio, Inc. (NASDAQ:ETNB – Get Rating) by 35.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 102,777 shares of the company’s stock after selling 57,417 shares during the quarter. Raymond James Financial Services Advisors Inc. owned approximately 0.20% of 89bio worth $1,308,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. Fox Run Management L.L.C. acquired a new stake in shares of 89bio in the 4th quarter valued at approximately $128,000. SG Americas Securities LLC acquired a new stake in shares of 89bio in the 4th quarter valued at approximately $135,000. Gladstone Institutional Advisory LLC acquired a new stake in shares of 89bio in the 4th quarter valued at approximately $127,000. Stephens Inc. AR acquired a new stake in shares of 89bio in the 4th quarter valued at approximately $550,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of 89bio in the 3rd quarter valued at approximately $96,000. Institutional investors and hedge funds own 87.78% of the company’s stock.
Insider Buying and Selling
In related news, CEO Rohan Palekar sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 23rd. The stock was sold at an average price of $16.00, for a total value of $240,000.00. Following the transaction, the chief executive officer now owns 269,080 shares in the company, valued at $4,305,280. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 89bio news, insider Quoc Le-Nguyen sold 13,683 shares of 89bio stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $18.11, for a total value of $247,799.13. Following the transaction, the insider now owns 164,971 shares in the company, valued at $2,987,624.81. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rohan Palekar sold 15,000 shares of 89bio stock in a transaction dated Thursday, March 23rd. The shares were sold at an average price of $16.00, for a total value of $240,000.00. Following the completion of the transaction, the chief executive officer now owns 269,080 shares in the company, valued at approximately $4,305,280. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 2,529,326 shares of company stock worth $41,016,456 and have sold 42,404 shares worth $698,728. 11.80% of the stock is owned by company insiders.
89bio Stock Up 6.9 %
Shares of NASDAQ ETNB opened at $17.69 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.56 and a current ratio of 20.56. 89bio, Inc. has a 52 week low of $2.75 and a 52 week high of $18.92. The stock has a market capitalization of $1.29 billion, a P/E ratio of -6.27 and a beta of 0.77. The stock’s fifty day moving average is $16.03 and its 200 day moving average is $13.00.
89bio (NASDAQ:ETNB – Get Rating) last issued its quarterly earnings results on Friday, March 10th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.15. Sell-side analysts forecast that 89bio, Inc. will post -1.92 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on ETNB. Oppenheimer raised their price target on 89bio from $18.00 to $33.00 in a report on Wednesday, March 22nd. Royal Bank of Canada raised their price target on 89bio from $27.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, March 22nd. Cantor Fitzgerald raised their price target on 89bio from $40.00 to $41.00 in a report on Friday, May 5th. Bank of America raised their price target on 89bio from $17.00 to $24.00 in a report on Sunday, March 26th. Finally, HC Wainwright raised their price target on 89bio from $30.00 to $35.00 in a report on Monday, May 8th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, 89bio has a consensus rating of “Buy” and an average price target of $34.00.
About 89bio
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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.
Further Reading
Want to see what other hedge funds are holding ETNB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 89bio, Inc. (NASDAQ:ETNB – Get Rating).
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