Geode Capital Management LLC Increases Position in 89bio, Inc. (NASDAQ:ETNB)

Geode Capital Management LLC grew its stake in 89bio, Inc. (NASDAQ:ETNB) by 8.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,074,970 shares of the company’s stock after buying an additional 160,356 shares during the quarter. Geode Capital Management LLC’s holdings in 89bio were worth $15,358,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ETNB. Raymond James & Associates boosted its holdings in shares of 89bio by 35.2% in the second quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock valued at $1,465,000 after acquiring an additional 47,670 shares during the period. Bank of New York Mellon Corp raised its position in 89bio by 20.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock valued at $2,401,000 after purchasing an additional 50,943 shares during the last quarter. Rhumbline Advisers boosted its stake in 89bio by 26.9% during the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock worth $1,033,000 after purchasing an additional 27,334 shares during the period. Candriam S.C.A. grew its position in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after purchasing an additional 538,079 shares during the last quarter. Finally, Quest Partners LLC increased its stake in 89bio by 226.2% in 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 during the period.

89bio Stock Down 1.6 %

ETNB stock opened at $7.88 on Monday. The company has a fifty day simple moving average of $8.42 and a 200 day simple moving average of $8.33. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a 1 year low of $6.43 and a 1 year high of $16.63. The firm has a market cap of $836.27 million, a PE ratio of -2.71 and a beta of 1.12.

Insider Buying and Selling at 89bio

In other news, CEO Rohan Palekar bought 5,000 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the purchase, the chief executive officer now owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles Mcwherter purchased 10,000 shares of 89bio stock in a transaction dated Thursday, December 5th. The stock was bought at an average price of $8.00 per share, with a total value of $80,000.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 25,000 shares of company stock valued at $202,950 in the last 90 days. 2.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ETNB has been the subject of several recent research reports. Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Two research 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.33.

About 89bio

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.