Algert Global LLC Boosts Stake in 89bio, Inc. (NASDAQ:ETNB)

Algert Global LLC raised its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 103.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,217 shares of the company’s stock after acquiring an additional 31,630 shares during the quarter. Algert Global LLC owned approximately 0.06% of 89bio worth $460,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Quest Partners LLC boosted its position in 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of 89bio in the 2nd quarter worth approximately $66,000. China Universal Asset Management Co. Ltd. raised its stake in shares of 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after acquiring an additional 8,810 shares in the last quarter. Intech Investment Management LLC purchased a new stake in 89bio during the third quarter valued at approximately $160,000. Finally, SG Americas Securities LLC acquired a new stake in 89bio in the second quarter valued at approximately $203,000.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Raymond James cut their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research note on Monday, November 11th. Royal Bank of Canada dropped their price target on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.33.

Insider Buying and Selling

In other 89bio news, CEO Rohan Palekar acquired 10,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was acquired at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares in the company, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is owned by corporate insiders.

89bio Stock Down 1.6 %

Shares of ETNB stock opened at $8.99 on Friday. 89bio, Inc. has a fifty-two week low of $7.00 and a fifty-two week high of $16.63. The firm has a market capitalization of $954.11 million, a PE ratio of -3.09 and a beta of 1.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock’s 50-day simple moving average is $8.26 and its 200-day simple moving average is $8.39.

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.