Inspire Investing LLC Sells 4,395 Shares of 89bio, Inc. (NASDAQ:ETNB)

Inspire Investing LLC trimmed its position in shares of 89bio, Inc. (NASDAQ:ETNB) by 7.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,717 shares of the company’s stock after selling 4,395 shares during the quarter. Inspire Investing LLC’s holdings in 89bio were worth $404,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in 89bio in the second quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. boosted its position in shares of 89bio by 76.2% in the 3rd 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 acquired a new stake in shares of 89bio in the 3rd quarter worth $160,000. Quest Partners LLC grew its stake in 89bio by 172.1% during the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after buying an additional 13,961 shares during the last quarter. Finally, Algert Global LLC increased its position in 89bio by 30.8% during the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock valued at $245,000 after buying an additional 7,203 shares in the last quarter.

Insiders Place Their Bets

In related news, Director Charles Mcwherter bought 10,000 shares of the stock in a transaction dated Thursday, December 5th. The shares were purchased at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $80,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Rohan Palekar purchased 5,000 shares of 89bio stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the transaction, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 30,000 shares of company stock valued at $235,700. Company insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

ETNB has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a research note on Saturday, January 18th. HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Tuesday, January 21st. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Finally, Raymond James raised 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Up 3.0 %

NASDAQ:ETNB opened at $7.13 on Friday. The firm has a market capitalization of $756.71 million, a P/E ratio of -2.45 and a beta of 1.14. The company’s fifty day moving average price is $7.74 and its 200-day moving average price is $8.18. 89bio, Inc. has a 1-year low of $5.99 and a 1-year high of $16.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

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.