BNP Paribas Financial Markets Takes Position in 89bio, Inc. (NASDAQ:ETNB)

BNP Paribas Financial Markets purchased a new stake in 89bio, Inc. (NASDAQ:ETNB) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 351,331 shares of the company’s stock, valued at approximately $2,747,000. BNP Paribas Financial Markets owned approximately 0.33% of 89bio as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ETNB. Federated Hermes Inc. grew its position in shares of 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares in the last quarter. Quarry LP purchased a new position in shares of 89bio in the fourth quarter valued at $55,000. Kingswood Wealth Advisors LLC purchased a new position in shares of 89bio in the fourth quarter valued at $86,000. Hsbc Holdings PLC purchased a new position in shares of 89bio in the fourth quarter valued at $87,000. Finally, Tower Research Capital LLC TRC grew its position in 89bio by 109.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company’s stock worth $92,000 after buying an additional 6,132 shares in the last quarter.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the completion of the sale, the insider now owns 328,323 shares of the company’s stock, valued at approximately $1,953,521.85. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.60% of the company’s stock.

89bio Trading Down 6.8%

Shares of ETNB stock opened at $7.64 on Friday. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $7.26 and a two-hundred day moving average price of $8.16. 89bio, Inc. has a 12-month low of $4.16 and a 12-month high of $11.84. The firm has a market cap of $1.12 billion, a P/E ratio of -2.63 and a beta of 1.23.

89bio (NASDAQ:ETNB) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.01. During the same period in the prior year, the business posted ($0.54) EPS. Equities analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ETNB shares. Cantor Fitzgerald upgraded 89bio to a “strong-buy” rating in a research report on Wednesday, April 30th. Citigroup started coverage on 89bio in a research report on Thursday, March 13th. They set a “buy” rating and a $25.00 target price for the company. HC Wainwright restated a “buy” rating and set a $21.00 target price (down from $29.00) on shares of 89bio in a research report on Friday, February 28th. UBS Group boosted their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a research report on Saturday, May 10th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $26.43.

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.