Gilliland Jeter Wealth Management LLC Makes New $212,000 Investment in 89bio, Inc. (NASDAQ:ETNB)

Gilliland Jeter Wealth Management LLC acquired a new position in shares of 89bio, Inc. (NASDAQ:ETNB) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 19,000 shares of the company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates increased its stake in shares of 89bio by 3.5% in the third quarter. Raymond James & Associates now owns 102,988 shares of the company’s stock worth $1,590,000 after acquiring an additional 3,464 shares during the last quarter. TD Asset Management Inc bought a new stake in 89bio in the third quarter worth $766,000. Bourgeon Capital Management LLC boosted its holdings in 89bio by 85.0% in the third quarter. Bourgeon Capital Management LLC now owns 55,500 shares of the company’s stock worth $857,000 after purchasing an additional 25,500 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in 89bio in the third quarter worth $4,906,000. Finally, Barclays PLC boosted its holdings in 89bio by 218.4% during the third quarter. Barclays PLC now owns 624,365 shares of the company’s stock valued at $9,640,000 after acquiring an additional 428,297 shares during the period.

Wall Street Analyst Weigh In

ETNB has been the subject of a number of recent analyst reports. Evercore ISI upped their price target on shares of 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. HC Wainwright restated a “buy” rating and set a $31.00 price target on shares of 89bio in a report on Wednesday, March 27th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, April 5th. Royal Bank of Canada decreased their price target on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. Finally, Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.00.

89bio Stock Up 0.1 %

Shares of NASDAQ ETNB traded up $0.01 during mid-day trading on Friday, hitting $8.26. The company had a trading volume of 653,066 shares, compared to its average volume of 746,601. 89bio, Inc. has a 12 month low of $6.57 and a 12 month high of $22.93. 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 business’s 50-day simple moving average is $11.01 and its 200-day simple moving average is $9.87.

89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.01). As a group, research analysts anticipate that 89bio, Inc. will post -2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the transaction, the director now directly owns 12,431,584 shares of the company’s stock, valued at approximately $190,824,814.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Rohan Palekar sold 4,477 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were 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 $5,238,925.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were purchased at an average cost of $15.35 per share, with a total value of $20,722,500.00. Following the acquisition, the director now owns 12,431,584 shares of the company’s stock, valued at approximately $190,824,814.40. The disclosure for this purchase can be found here. Company insiders own 4.40% of the company’s stock.

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.