State Street Corp Acquires 7,184 Shares of 89bio, Inc. (NASDAQ:ETNB)

State Street Corp lifted its holdings in shares of 89bio, Inc. (NASDAQ:ETNB) by 0.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,251,687 shares of the company’s stock after purchasing an additional 7,184 shares during the period. State Street Corp owned 3.06% of 89bio worth $24,062,000 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 business. Raymond James & Associates increased its stake in 89bio by 35.2% in the second quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock valued at $1,465,000 after purchasing an additional 47,670 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of 89bio by 20.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock valued at $2,401,000 after buying an additional 50,943 shares during the period. Rhumbline Advisers increased its position in 89bio by 26.9% in the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock valued at $1,033,000 after buying an additional 27,334 shares in the last quarter. Candriam S.C.A. raised its stake in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after buying an additional 538,079 shares during the period. Finally, Quest Partners LLC boosted its holdings in 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares in the last quarter.

Insider Buying and Selling at 89bio

In related news, CEO Rohan Palekar purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average cost of $8.35 per share, with a total value of $83,500.00. Following the acquisition, the chief executive officer now owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders acquired 25,000 shares of company stock worth $202,950 in the last quarter. 2.80% of the stock is currently owned by company insiders.

89bio Stock Performance

Shares of ETNB opened at $7.94 on Monday. The stock has a 50 day moving average of $8.45 and a 200 day moving average of $8.35. The company has a market capitalization of $842.64 million, a price-to-earnings ratio of -2.73 and a beta of 1.12. 89bio, Inc. has a 12 month low of $6.43 and a 12 month high of $16.63. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

Analyst Ratings Changes

Several research firms have recently commented on ETNB. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.