Assenagon Asset Management S.A. Invests $1.90 Million in 89bio, Inc. (NASDAQ:ETNB)

Assenagon Asset Management S.A. purchased a new stake in 89bio, Inc. (NASDAQ:ETNB) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 242,602 shares of the company’s stock, valued at approximately $1,897,000. Assenagon Asset Management S.A. owned 0.23% of 89bio at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new stake in shares of 89bio in the 2nd quarter worth about $66,000. China Universal Asset Management Co. Ltd. boosted its position in 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after buying an additional 8,810 shares in the last quarter. Intech Investment Management LLC acquired a new position in 89bio in the third quarter valued at about $160,000. Quest Partners LLC grew its stake 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 buying an additional 13,961 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after buying an additional 5,421 shares in the last quarter.

Insiders Place Their Bets

In other news, CEO Rohan Palekar bought 5,000 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the purchase, the chief executive officer now owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles Mcwherter purchased 10,000 shares of 89bio stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 25,000 shares of company stock valued at $202,950. 2.80% of the stock is currently owned by insiders.

89bio Trading Up 2.6 %

Shares of ETNB opened at $6.75 on Thursday. The stock’s fifty day simple moving average is $7.84 and its 200-day simple moving average is $8.21. The firm has a market capitalization of $716.38 million, a PE ratio of -2.32 and a beta of 1.14. 89bio, Inc. has a 12-month low of $5.99 and a 12-month high of $16.63. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Analysts Set New Price Targets

Several research analysts have recently commented on ETNB shares. Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a report on Saturday, January 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Company 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.