HighVista Strategies LLC Invests $494,000 in 89bio, Inc. (NASDAQ:ETNB)

HighVista Strategies LLC purchased a new position in shares of 89bio, Inc. (NASDAQ:ETNB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 66,787 shares of the company’s stock, valued at approximately $494,000. HighVista Strategies LLC owned 0.06% of 89bio at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Candriam S.C.A. grew its holdings in shares of 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after purchasing an additional 538,079 shares during the period. Vanguard Group Inc. boosted its holdings in 89bio by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after acquiring an additional 415,386 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in 89bio by 165.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after acquiring an additional 142,032 shares during the period. Renaissance Technologies LLC purchased a new position in 89bio during the 2nd quarter valued at about $2,238,000. Finally, Integral Health Asset Management LLC boosted its holdings in 89bio by 50.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 450,000 shares of the company’s stock valued at $3,604,000 after acquiring an additional 150,000 shares during the period.

Analysts Set New Price Targets

A number of brokerages recently commented on ETNB. Royal Bank of Canada lowered their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Raymond James lowered their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of 89bio in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Price Performance

Shares of NASDAQ ETNB opened at $8.73 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio, Inc. has a fifty-two week low of $7.00 and a fifty-two week high of $16.63. The firm has a market capitalization of $926.51 million, a PE ratio of -3.00 and a beta of 1.12. The stock’s 50-day simple moving average is $8.32 and its 200-day simple moving average is $8.39.

Insider Transactions at 89bio

In other 89bio news, CEO Rohan Palekar bought 10,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.80% of the company’s stock.

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.