PDT Partners LLC Buys New Shares in 89bio, Inc. (NASDAQ:ETNB)

PDT Partners LLC purchased a new stake in shares of 89bio, Inc. (NASDAQ:ETNB) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 169,245 shares of the company’s stock, valued at approximately $1,252,000. PDT Partners LLC owned approximately 0.16% of 89bio as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Westfield Capital Management Co. LP lifted its position in 89bio by 29.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after buying an additional 686,673 shares during the last quarter. Candriam S.C.A. lifted its holdings in shares of 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after acquiring an additional 538,079 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after purchasing an additional 415,386 shares in the last quarter. Walleye Capital LLC grew its holdings in shares of 89bio by 1,232.2% during the 3rd quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock valued at $3,221,000 after purchasing an additional 402,624 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of 89bio during the 2nd quarter valued at $2,238,000.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ETNB. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Royal Bank of Canada dropped 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. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Finally, Raymond James cut their target price on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Down 1.6 %

Shares of 89bio stock opened at $8.99 on Monday. The company’s fifty day simple moving average is $8.26 and its two-hundred day simple moving average is $8.38. 89bio, Inc. has a 12-month low of $7.00 and a 12-month high of $16.63. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The company has a market cap of $954.07 million, a P/E ratio of -3.09 and a beta of 1.07.

Insider Activity at 89bio

In other news, CEO Rohan Palekar acquired 10,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were acquired at an average cost 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 in the company, valued at $3,893,070.60. The trade was a 2.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.80% of the stock is owned by corporate insiders.

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.