Kingswood Wealth Advisors LLC Buys New Shares in 89bio, Inc. (NASDAQ:ETNB)

Kingswood Wealth Advisors LLC purchased a new position in 89bio, Inc. (NASDAQ:ETNB) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,000 shares of the company’s stock, valued at approximately $86,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its stake in 89bio by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock valued at $736,000 after purchasing an additional 43,384 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of 89bio in the 4th quarter worth about $1,897,000. Barclays PLC lifted its position in 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock valued at $1,590,000 after acquiring an additional 149,479 shares in the last quarter. Geode Capital Management LLC boosted its stake in 89bio by 8.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after purchasing an additional 160,356 shares during the last quarter. Finally, FMR LLC boosted its stake in 89bio by 2,153.2% during the 3rd quarter. FMR LLC now owns 73,386 shares of the company’s stock valued at $543,000 after purchasing an additional 70,129 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ETNB shares. UBS Group upped their price target on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Tuesday, January 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research report on Saturday, January 18th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.43.

89bio Price Performance

ETNB opened at $9.60 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The stock’s 50 day simple moving average is $7.84 and its 200 day simple moving average is $8.20. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14. 89bio, Inc. has a 1 year low of $5.99 and a 1 year high of $16.63.

Insider Activity at 89bio

In other 89bio news, Director Charles Mcwherter purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the purchase, the director now directly owns 15,000 shares of the company’s stock, valued at $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now owns 271,833 shares of the company’s stock, valued at $1,764,196.17. This represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 30,000 shares of company stock worth $235,700 over the last quarter. 2.80% of the stock is owned by corporate 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.