Wellington Management Group LLP Reduces Position in 89bio, Inc. (NASDAQ:ETNB)

Wellington Management Group LLP lowered its stake in 89bio, Inc. (NASDAQ:ETNB) by 10.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 319,045 shares of the company’s stock after selling 38,491 shares during the period. Wellington Management Group LLP owned 0.30% of 89bio worth $2,361,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 89bio by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock worth $1,043,000 after acquiring an additional 1,624 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of 89bio by 12.8% in the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after purchasing an additional 3,557 shares during the period. SG Americas Securities LLC raised its stake in shares of 89bio by 21.4% in the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after purchasing an additional 5,421 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares during the period. Finally, Algert Global LLC boosted its position in 89bio by 30.8% in the second 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 during the last quarter.

89bio Stock Down 4.6 %

ETNB stock opened at $7.61 on Thursday. 89bio, Inc. has a one year low of $7.00 and a one year high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The firm’s fifty day moving average is $8.45 and its 200 day moving average is $8.36. The firm has a market cap of $807.62 million, a PE ratio of -2.62 and a beta of 1.12.

Insider Activity

In related news, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $7.89 per share, with a total value of $39,450.00. Following the purchase, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Mcwherter purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average cost of $8.00 per share, with a total value of $80,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $80,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 25,000 shares of company stock worth $202,950 in the last ninety days. Company insiders own 2.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ETNB shares. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Two 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

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.