Erste Asset Management GmbH Invests $5.63 Million in 89bio, Inc. (NASDAQ:ETNB)

Erste Asset Management GmbH purchased a new position in shares of 89bio, Inc. (NASDAQ:ETNB) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 763,000 shares of the company’s stock, valued at approximately $5,631,000.

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

89bio Trading Up 5.0 %

Shares of ETNB stock opened at $9.44 on Tuesday. The stock has a market cap of $1.00 billion, a P/E ratio of -3.24 and a beta of 1.07. 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 fifty-two week low of $7.00 and a fifty-two week high of $16.63. The business has a fifty day simple moving average of $8.26 and a 200-day simple moving average of $8.38.

Insider Buying and Selling at 89bio

In related news, CEO Rohan Palekar bought 10,000 shares of the stock in a transaction on Friday, November 22nd. The shares were purchased at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the acquisition, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.