Virtus Investment Advisers LLC Trims Stock Position in 89BIO $ETNB

Virtus Investment Advisers LLC cut its holdings in shares of 89BIO (NASDAQ:ETNB) by 53.3% in the second quarter, HoldingsChannel reports. The firm owned 9,775 shares of the company’s stock after selling 11,137 shares during the period. Virtus Investment Advisers LLC’s holdings in 89BIO were worth $96,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. CWM LLC raised its stake in shares of 89BIO by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock valued at $43,000 after buying an additional 5,837 shares during the last quarter. Victory Capital Management Inc. raised its position in 89BIO by 21.1% during the first quarter. Victory Capital Management Inc. now owns 16,913 shares of the company’s stock valued at $123,000 after acquiring an additional 2,944 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in 89BIO in the first quarter valued at approximately $93,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in 89BIO by 153.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,295 shares of the company’s stock worth $148,000 after purchasing an additional 12,300 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of 89BIO by 25.8% during the 1st quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company’s stock worth $52,079,000 after purchasing an additional 1,471,278 shares during the period.

89BIO Price Performance

ETNB opened at $14.84 on Monday. The company has a market cap of $2.20 billion, a PE ratio of -4.11 and a beta of 1.27. 89BIO has a twelve month low of $4.16 and a twelve month high of $15.06. The company has a 50-day moving average price of $14.81 and a 200 day moving average price of $11.47. The company has a quick ratio of 15.19, a current ratio of 15.19 and a debt-to-equity ratio of 0.07.

Analysts Set New Price Targets

Several research firms have recently weighed in on ETNB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89BIO in a report on Wednesday, October 8th. Wolfe Research cut shares of 89BIO from an “outperform” rating to a “peer perform” rating in a report on Friday, September 19th. Royal Bank Of Canada decreased their price objective on shares of 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Friday, August 8th. Wall Street Zen lowered 89BIO to a “strong sell” rating in a research note on Saturday, November 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of 89BIO in a research report on Friday, October 31st. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $22.50.

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.