Pekin Hardy Strauss Inc. Sells 6,400 Shares of 89bio, Inc. (NASDAQ:ETNB)

Pekin Hardy Strauss Inc. decreased its position in shares of 89bio, Inc. (NASDAQ:ETNB) by 30.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 14,385 shares of the company’s stock after selling 6,400 shares during the period. Pekin Hardy Strauss Inc.’s holdings in 89bio were worth $161,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Braidwell LP bought a new stake in shares of 89bio in the 3rd quarter worth approximately $24,556,000. Laurion Capital Management LP grew its stake in shares of 89bio by 65.8% in the third quarter. Laurion Capital Management LP now owns 1,205,638 shares of the company’s stock worth $18,615,000 after acquiring an additional 478,632 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of 89bio by 57.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock valued at $20,256,000 after acquiring an additional 476,655 shares in the last quarter. Barclays PLC raised its position in shares of 89bio by 218.4% in the 3rd quarter. Barclays PLC now owns 624,365 shares of the company’s stock worth $9,640,000 after purchasing an additional 428,297 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in 89bio by 193.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock valued at $7,550,000 after purchasing an additional 322,339 shares during the last quarter.

Insider Buying and Selling

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

89bio Stock Up 2.8 %

Shares of ETNB stock opened at $8.75 on Thursday. The company has a quick ratio of 20.04, a current ratio of 20.04 and a debt-to-equity ratio of 0.05. 89bio, Inc. has a 12 month low of $6.57 and a 12 month high of $22.93. The company has a 50 day simple moving average of $10.92 and a two-hundred day simple moving average of $9.88.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). On average, analysts expect that 89bio, Inc. will post -2.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ETNB. Oppenheimer reissued a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Royal Bank of Canada reduced their target price on 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. HC Wainwright reaffirmed a “buy” rating and set a $31.00 price target on shares of 89bio in a report on Wednesday, March 27th. Evercore ISI lifted their price objective on 89bio from $29.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Finally, Bank of America reissued a “buy” rating and set a $30.00 price objective on shares of 89bio in a report on Monday, April 22nd. 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 data from MarketBeat, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

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 is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.