ADAR1 Capital Management LLC Has $4.03 Million Holdings in 89bio, Inc. (NASDAQ:ETNB)

ADAR1 Capital Management LLC grew its holdings in 89bio, Inc. (NASDAQ:ETNB) by 7,752.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 515,138 shares of the company’s stock after purchasing an additional 508,578 shares during the period. ADAR1 Capital Management LLC owned about 0.49% of 89bio worth $4,028,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Federated Hermes Inc. boosted its stake 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 buying an additional 4,236 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in 89bio during the fourth quarter valued at $86,000. Victory Capital Management Inc. boosted its position in 89bio by 11.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company’s stock valued at $109,000 after purchasing an additional 1,437 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in 89bio in the fourth quarter valued at about $114,000. Finally, New York State Common Retirement Fund increased its position 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 purchasing an additional 3,200 shares during the last quarter.

89bio Stock Down 15.9 %

NASDAQ ETNB opened at $5.77 on Monday. 89bio, Inc. has a twelve month low of $5.55 and a twelve month high of $11.84. The stock has a market cap of $842.33 million, a PE ratio of -1.98 and a beta of 1.25. The firm has a 50-day simple moving average of $9.16 and a 200 day simple moving average of $8.37. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

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

Insider Buying and Selling at 89bio

In other 89bio news, Director Charles Mcwherter purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $98,250. This represents a 50.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ra Capital Management, L.P. bought 5,714,285 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were acquired at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the transaction, the director now directly owns 19,554,319 shares in the company, 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. Corporate insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

ETNB has been the subject of several recent research reports. UBS Group boosted their price target on 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, January 31st. HC Wainwright reiterated a “buy” rating and issued a $21.00 target price (down from $29.00) on shares of 89bio in a research note on Friday, February 28th. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Citigroup began coverage on shares of 89bio in a report on Thursday, March 13th. They set a “buy” rating and a $25.00 price target on the stock. Finally, The Goldman Sachs Group began coverage on shares of 89bio in a report on Friday, March 14th. They issued a “neutral” rating and a $11.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and an average price target of $27.56.

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.