89bio, Inc. (NASDAQ:ETNB) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 8.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,074,970 shares of the company’s stock after acquiring an additional 160,356 shares during the quarter. Geode Capital Management LLC owned 1.96% of 89bio worth $15,358,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Janus Henderson Group PLC lifted its holdings in shares of 89bio by 14.2% in the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock valued at $112,140,000 after purchasing an additional 1,882,108 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in 89bio in the 3rd quarter worth about $5,631,000. Westfield Capital Management Co. LP boosted its position in 89bio by 29.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after acquiring an additional 686,673 shares during the period. Candriam S.C.A. grew 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 valued at $6,793,000 after acquiring an additional 538,079 shares in the last quarter. Finally, Walleye Capital LLC lifted its position in shares of 89bio by 1,232.2% in the third quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock worth $3,221,000 after purchasing an additional 402,624 shares in the last quarter.

Insider Activity

In other 89bio news, Director Charles Mcwherter acquired 10,000 shares of the business’s 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. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Rohan Palekar bought 5,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the transaction, the chief executive officer now directly owns 471,236 shares in the company, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 25,000 shares of company stock worth $202,950 over the last quarter. Insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ETNB. HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Raymond James raised 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

ETNB stock opened at $7.88 on Monday. 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 has a market capitalization of $836.27 million, a price-to-earnings ratio of -2.71 and a beta of 1.12. 89bio, Inc. has a 52-week low of $6.43 and a 52-week high of $16.63. The firm has a 50 day moving average price of $8.42 and a 200-day moving average price of $8.33.

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.