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

Tower Research Capital LLC TRC lowered its holdings in 89bio, Inc. (NASDAQ:ETNB) by 52.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. bought a new position in 89bio in the fourth quarter valued at $34,000. AJOVista LLC bought a new position in 89bio in the fourth quarter valued at $42,000. China Universal Asset Management Co. Ltd. grew its position in 89bio by 349.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock valued at $98,000 after purchasing an additional 6,802 shares in the last quarter. Alpine Global Management LLC bought a new position in 89bio in the third quarter valued at $159,000. Finally, Quest Partners LLC bought a new position in 89bio in the fourth quarter valued at $117,000.

Insider Transactions at 89bio

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

89bio Stock Performance

Shares of NASDAQ ETNB traded up $0.27 during mid-day trading on Monday, reaching $8.53. 590,480 shares of the company were exchanged, compared to its average volume of 1,214,108. The company’s 50-day simple moving average is $10.98 and its 200-day simple moving average is $9.88. The company has a quick ratio of 20.04, a current ratio of 20.04 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $812.23 million, a P/E ratio of -4.24 and a beta of 1.04. 89bio, Inc. has a twelve month low of $6.57 and a twelve month high of $22.93.

89bio (NASDAQ:ETNB) last posted its earnings results 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). As a group, research analysts predict that 89bio, Inc. will post -2.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Friday, April 5th. Evercore ISI increased their price target on shares of 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Bank of America reiterated a “buy” rating and issued a $30.00 price target on shares of 89bio in a research note on Monday, April 22nd. Royal Bank of Canada cut their price target on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Finally, HC Wainwright reiterated a “buy” rating and issued 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 given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.