PNC Financial Services Group Inc. Increases Position in 89bio, Inc. (NASDAQ:ETNB)

PNC Financial Services Group Inc. lifted its stake in 89bio, Inc. (NASDAQ:ETNB) by 17.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,185 shares of the company’s stock after purchasing an additional 3,820 shares during the period. PNC Financial Services Group Inc.’s holdings in 89bio were worth $205,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC boosted its position in 89bio by 172.1% during the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after purchasing an additional 13,961 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of 89bio during the 3rd quarter worth $160,000. Charles Schwab Investment Management Inc. boosted its position in shares of 89bio by 8.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock worth $5,336,000 after buying an additional 53,932 shares in the last quarter. Algert Global LLC grew its stake in 89bio by 103.4% in the 3rd quarter. Algert Global LLC now owns 62,217 shares of the company’s stock valued at $460,000 after acquiring an additional 31,630 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in 89bio by 29.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after acquiring an additional 686,673 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages have issued reports on ETNB. UBS Group lifted their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Citigroup assumed coverage on 89bio in a research note on Thursday, March 13th. They issued a “buy” rating and a $25.00 target price on the stock. Wolfe Research initiated coverage on 89bio in a research report on Tuesday, February 4th. They set an “outperform” rating for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Finally, Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.56.

Insider Buying and Selling

In other news, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now directly owns 271,833 shares of the company’s stock, valued at $1,764,196.17. The trade was a 3.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles Mcwherter bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders.

89bio Stock Performance

89bio stock opened at $8.52 on Monday. The stock has a fifty day moving average price of $8.94 and a 200 day moving average price of $8.42. 89bio, Inc. has a 52 week low of $5.99 and a 52 week high of $11.84. The firm has a market capitalization of $1.24 billion, a P/E ratio of -2.93 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

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

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.