Tower Research Capital LLC TRC Sells 5,241 Shares of 89bio, Inc. (NASDAQ:ETNB)

Tower Research Capital LLC TRC cut its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 52.2% in the 4th quarter, HoldingsChannel reports. The firm owned 4,800 shares of the company’s stock after selling 5,241 shares during the period. Tower Research Capital LLC TRC’s holdings in 89bio were worth $54,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ETNB. Raymond James & Associates lifted its position in 89bio by 3.5% during the third quarter. Raymond James & Associates now owns 102,988 shares of the company’s stock valued at $1,590,000 after purchasing an additional 3,464 shares during the last quarter. TD Asset Management Inc purchased a new position in shares of 89bio during the third quarter worth approximately $766,000. Bourgeon Capital Management LLC raised its stake in shares of 89bio by 85.0% during the third quarter. Bourgeon Capital Management LLC now owns 55,500 shares of the company’s stock worth $857,000 after acquiring an additional 25,500 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of 89bio during the third quarter worth approximately $4,906,000. Finally, Barclays PLC raised its stake in shares of 89bio by 218.4% during the third quarter. Barclays PLC now owns 624,365 shares of the company’s stock worth $9,640,000 after acquiring an additional 428,297 shares in the last quarter.

89bio Trading Up 3.3 %

Shares of NASDAQ ETNB traded up $0.27 during mid-day trading on Monday, hitting $8.53. The stock had a trading volume of 590,480 shares, compared to its average volume of 1,214,108. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 20.04. 89bio, Inc. has a 1 year low of $6.57 and a 1 year high of $22.93. The business has a 50 day moving average price of $10.98 and a two-hundred day moving average price of $9.88. The firm has a market cap of $812.23 million, a P/E ratio of -4.24 and a beta of 1.04.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, February 29th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.01). On average, equities analysts anticipate that 89bio, Inc. will post -2.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Evercore ISI lifted their price target on shares of 89bio from $29.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Royal Bank of Canada decreased their price target on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating on the stock in a research note on Friday, March 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a research note on Friday, April 5th. Bank of America reissued a “buy” rating and set a $30.00 price target on shares of 89bio in a research note on Monday, April 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $31.00 price target on shares of 89bio in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Insider Activity at 89bio

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the sale, the chief executive officer now directly owns 486,889 shares in the company, valued at $5,238,925.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the business’s stock in a transaction on Monday, March 4th. The shares were acquired at an average cost of $15.35 per share, with a total value of $20,722,500.00. Following the transaction, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the sale, the chief executive officer now directly owns 486,889 shares in the company, valued at $5,238,925.64. The disclosure for this sale can be found here. 4.40% 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.