Orbimed Advisors Llc Sells 275,000 Shares of 89bio (NASDAQ:ETNB) Stock

89bio (NASDAQ:ETNB) Director Orbimed Advisors Llc sold 275,000 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $28.00, for a total transaction of $7,700,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shares of ETNB traded down $0.91 during trading hours on Wednesday, hitting $24.34. 222,934 shares of the stock were exchanged, compared to its average volume of 90,046. 89bio has a fifty-two week low of $14.00 and a fifty-two week high of $47.25. The business has a 50-day moving average of $33.11 and a 200-day moving average of $28.07. The firm has a market capitalization of $410.23 million and a P/E ratio of -0.70.

89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.03). As a group, equities analysts anticipate that 89bio will post -3.24 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN increased its position in 89bio by 998.7% in the 1st quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock valued at $66,000 after buying an additional 2,387 shares in the last quarter. California Public Employees Retirement System acquired a new position in 89bio during the 2nd quarter worth approximately $217,000. Bank of New York Mellon Corp acquired a new position in 89bio during the 1st quarter worth approximately $246,000. HC Advisors LLC acquired a new position in 89bio during the 2nd quarter worth approximately $267,000. Finally, Bank of America Corp DE raised its stake in 89bio by 56.7% during the 2nd quarter. Bank of America Corp DE now owns 16,423 shares of the company’s stock worth $327,000 after buying an additional 5,940 shares during the period. Institutional investors own 63.13% of the company’s stock.

Several equities analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of 89bio in a research note on Thursday, July 30th. They set an “overweight” rating and a $54.00 price target for the company. BidaskClub downgraded shares of 89bio from a “hold” rating to a “sell” rating in a research note on Tuesday. Chardan Capital raised their price target on shares of 89bio from $59.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, September 15th. Zacks Investment Research downgraded shares of 89bio from a “buy” rating to a “hold” rating in a research note on Wednesday, September 16th. Finally, BTIG Research raised their price target on shares of 89bio from $51.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $54.00.

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, BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 that is being developed for the treatment of nonalcoholic steatohepatitis.

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