89bio (NASDAQ:ETNB) Director Ra Capital Management, L.P. purchased 275,000 shares of 89bio stock in a transaction dated Wednesday, July 8th. The stock was bought at an average cost of $27.50 per share, with a total value of $7,562,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of ETNB opened at $32.22 on Monday. The firm’s 50 day moving average price is $24.89 and its 200 day moving average price is $26.77. 89bio has a twelve month low of $14.00 and a twelve month high of $47.25.
89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.76) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.10. Analysts predict that 89bio will post -3.93 earnings per share for the current year.
A number of analysts have recently issued reports on the stock. Oppenheimer reissued a “buy” rating and issued a $60.00 price target on shares of 89bio in a research report on Tuesday, May 19th. Zacks Investment Research raised shares of 89bio from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Tuesday, June 2nd. Finally, Chardan Capital started coverage on shares of 89bio in a research report on Tuesday, July 7th. They set a “buy” rating and a $58.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $44.83.
A number of hedge funds have recently made changes to their positions in the business. RA Capital Management L.P. acquired a new stake in shares of 89bio in the fourth quarter worth $83,108,000. VR Adviser LLC acquired a new stake in shares of 89bio in the first quarter worth $24,043,000. Franklin Resources Inc. acquired a new stake in shares of 89bio in the fourth quarter worth $6,573,000. JPMorgan Chase & Co. grew its stake in shares of 89bio by 18,905.2% in the first quarter. JPMorgan Chase & Co. now owns 182,070 shares of the company’s stock worth $4,598,000 after acquiring an additional 181,112 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of 89bio in the fourth quarter worth $3,140,000. Institutional investors own 90.07% of the company’s stock.
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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