Quest Partners LLC Grows Position in 89bio, Inc. (NASDAQ:ETNB)

Quest Partners LLC grew its stake in 89bio, Inc. (NASDAQ:ETNB) by 172.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 22,074 shares of the company’s stock after acquiring an additional 13,961 shares during the period. Quest Partners LLC’s holdings in 89bio were worth $163,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in ETNB. Northwestern Mutual Wealth Management Co. purchased a new stake in 89bio during the 2nd quarter worth approximately $66,000. China Universal Asset Management Co. Ltd. increased its position in 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after buying an additional 8,810 shares during the period. SG Americas Securities LLC purchased a new position in shares of 89bio during the second quarter worth about $203,000. Algert Global LLC lifted its stake in shares of 89bio by 30.8% in the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after acquiring an additional 7,203 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in 89bio by 12.8% in the 2nd 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 in the last quarter.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Royal Bank of Canada reduced their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Monday, November 11th. Raymond James reduced their target price on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

Shares of ETNB opened at $9.14 on Friday. The stock has a fifty day moving average price of $8.24 and a 200 day moving average price of $8.39. The company has a market cap of $969.99 million, a P/E ratio of -3.14 and a beta of 1.07. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio, Inc. has a 12 month low of $7.00 and a 12 month high of $16.63.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired 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 directly owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

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.