State Street Corp Purchases 7,184 Shares of 89bio, Inc. (NASDAQ:ETNB)

State Street Corp boosted its position in 89bio, Inc. (NASDAQ:ETNB) by 0.2% during the third quarter, HoldingsChannel reports. The fund owned 3,251,687 shares of the company’s stock after buying an additional 7,184 shares during the quarter. State Street Corp’s holdings in 89bio were worth $24,062,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake 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 worth $112,140,000 after purchasing an additional 1,882,108 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in 89bio by 29.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after buying an additional 686,673 shares during the period. Candriam S.C.A. grew its stake in 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after buying an additional 538,079 shares in the last quarter. Erste Asset Management GmbH bought a new stake in 89bio during the 3rd quarter valued at $5,631,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in 89bio by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock valued at $5,336,000 after acquiring an additional 53,932 shares during the period.

89bio Stock Performance

89bio stock opened at $7.94 on Monday. 89bio, Inc. has a fifty-two week low of $6.43 and a fifty-two week high of $16.63. 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 stock has a market cap of $842.64 million, a P/E ratio of -2.73 and a beta of 1.12. The firm’s fifty day moving average price is $8.45 and its 200-day moving average price is $8.35.

Insider Activity at 89bio

In other 89bio news, CEO Rohan Palekar bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, the chief executive officer now directly owns 466,236 shares in the company, valued at $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought a total of 25,000 shares of company stock valued at $202,950 over the last 90 days. 2.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ETNB has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.33.

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.