Emerald Mutual Fund Advisers Trust Grows Position in 89BIO $ETNB

Emerald Mutual Fund Advisers Trust raised its holdings in 89BIO (NASDAQ:ETNB) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,145,813 shares of the company’s stock after acquiring an additional 62,840 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in 89BIO were worth $11,252,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC raised its holdings in shares of 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock valued at $43,000 after acquiring an additional 5,837 shares in the last quarter. AlphaQuest LLC raised its holdings in shares of 89BIO by 213.8% in the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock valued at $65,000 after acquiring an additional 4,506 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of 89BIO in the 1st quarter valued at about $89,000. Allianz Asset Management GmbH purchased a new stake in shares of 89BIO in the 1st quarter valued at about $93,000. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of 89BIO in the 1st quarter valued at about $93,000.

89BIO Price Performance

ETNB opened at $14.84 on Thursday. The stock’s 50 day simple moving average is $12.40 and its 200 day simple moving average is $10.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. 89BIO has a 1 year low of $4.16 and a 1 year high of $15.06. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -4.11 and a beta of 1.27.

89BIO (NASDAQ:ETNB) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same period last year, the company posted ($0.48) earnings per share. As a group, analysts predict that 89BIO will post -3.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ETNB shares. HC Wainwright lowered 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 price objective on the stock. in a research report on Friday, September 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89BIO in a research report on Wednesday, October 8th. Zacks Research lowered 89BIO from a “hold” rating to a “strong sell” rating in a research report on Monday, October 20th. Bank of America reduced their price objective on 89BIO from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Monday, August 25th. Finally, Royal Bank Of Canada reduced their price objective on 89BIO from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.81.

About 89BIO

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.