89bio, Inc. (NASDAQ:ETNB) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its stake in 89bio, Inc. (NASDAQ:ETNB) by 17.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,185 shares of the company’s stock after purchasing an additional 3,820 shares during the period. PNC Financial Services Group Inc.’s holdings in 89bio were worth $205,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ETNB. Kingswood Wealth Advisors LLC acquired a new stake in shares of 89bio in the fourth quarter valued at about $86,000. Victory Capital Management Inc. boosted its holdings in 89bio by 11.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company’s stock worth $109,000 after acquiring an additional 1,437 shares during the period. New York State Common Retirement Fund boosted its holdings in 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock worth $128,000 after acquiring an additional 3,200 shares during the period. Intech Investment Management LLC acquired a new stake in 89bio in the third quarter valued at approximately $160,000. Finally, Quest Partners LLC raised its stake in shares of 89bio by 172.1% during the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after purchasing an additional 13,961 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ETNB. 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 target price for the company. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price (down from $29.00) on shares of 89bio in a research report on Friday, February 28th. UBS Group increased their price target on 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a report on Friday, January 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a report on Saturday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.56.

89bio Trading Down 2.4 %

NASDAQ:ETNB opened at $8.52 on Monday. The company has a market cap of $1.24 billion, a PE ratio of -2.93 and a beta of 1.17. The business’s 50 day moving average is $8.94 and its two-hundred day moving average is $8.42. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a 52 week low of $5.99 and a 52 week high of $11.84.

89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, analysts predict that 89bio, Inc. will post -3.19 EPS for the current year.

Insider Transactions at 89bio

In related news, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were acquired at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the transaction, the director now owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, the insider now owns 271,833 shares of the company’s stock, valued at $1,764,196.17. This represents a 3.88 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

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.