ADAR1 Capital Management LLC Purchases 508,578 Shares of 89bio, Inc. (NASDAQ:ETNB)

ADAR1 Capital Management LLC lifted its position in shares of 89bio, Inc. (NASDAQ:ETNB) by 7,752.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 515,138 shares of the company’s stock after purchasing an additional 508,578 shares during the quarter. ADAR1 Capital Management LLC’s holdings in 89bio were worth $4,028,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. lifted its holdings in shares of 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of 89bio by 28.6% in the 4th quarter. Wells Fargo & Company MN now owns 50,338 shares of the company’s stock valued at $394,000 after acquiring an additional 11,203 shares during the period. Geode Capital Management LLC increased its position in 89bio by 6.4% during the fourth quarter. Geode Capital Management LLC now owns 2,207,608 shares of the company’s stock worth $17,267,000 after buying an additional 132,638 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of 89bio by 77.5% during the 4th quarter. Alliancebernstein L.P. now owns 1,042,136 shares of the company’s stock worth $8,150,000 after acquiring an additional 455,074 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of 89bio by 4.9% in the fourth quarter. Wellington Management Group LLP now owns 334,805 shares of the company’s stock valued at $2,618,000 after purchasing an additional 15,760 shares during the last quarter.

Insider Activity at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now owns 271,833 shares in the company, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the stock in a transaction on Thursday, January 30th. The shares were acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the acquisition, the director now owns 19,554,319 shares of the company’s stock, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a report on Saturday, March 22nd. The Goldman Sachs Group began coverage on 89bio in a research report on Friday, March 14th. They set a “neutral” rating and a $11.00 price objective for the company. Finally, Wolfe Research initiated coverage on 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $27.56.

89bio Stock Down 15.9 %

Shares of NASDAQ:ETNB opened at $5.77 on Monday. The business has a fifty day simple moving average of $9.16 and a 200 day simple moving average of $8.37. 89bio, Inc. has a 12-month low of $5.55 and a 12-month high of $11.84. The firm has a market cap of $842.33 million, a P/E ratio of -1.98 and a beta of 1.25. 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 (NASDAQ:ETNB) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.42). Analysts predict that 89bio, Inc. will post -3.19 earnings per share for the current year.

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.