VIRGINIA RETIREMENT SYSTEMS ET Al Invests $549,000 in 89BIO $ETNB

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in 89BIO (NASDAQ:ETNB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 55,942 shares of the company’s stock, valued at approximately $549,000.

A number of other hedge funds have also recently made changes to their positions in ETNB. CWM LLC grew its holdings in shares of 89BIO by 9,265.1% in the first quarter. CWM LLC now owns 5,900 shares of the company’s stock worth $43,000 after purchasing an additional 5,837 shares during the last quarter. Ieq Capital LLC bought a new position in shares of 89BIO in the first quarter worth about $89,000. Allianz Asset Management GmbH bought a new position in shares of 89BIO in the first quarter worth about $93,000. E Fund Management Co. Ltd. bought a new position in shares of 89BIO in the first quarter worth about $93,000. Finally, Hsbc Holdings PLC grew its holdings in shares of 89BIO by 30.6% in the first quarter. Hsbc Holdings PLC now owns 14,940 shares of the company’s stock worth $109,000 after purchasing an additional 3,504 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Wolfe Research cut shares of 89BIO from an “outperform” rating to a “peer perform” rating in a report on Friday, September 19th. HC Wainwright cut shares of 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 target price on the stock. in a report on Friday, September 19th. Bank of America dropped their target price on shares of 89BIO from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Monday, August 25th. Zacks Research cut shares of 89BIO from a “hold” rating to a “strong sell” rating in a report on Monday, October 20th. Finally, Royal Bank Of Canada dropped their target price on shares of 89BIO from $12.00 to $11.00 and set a “sector perform” rating on the stock in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $25.81.

89BIO Stock Down 0.1%

NASDAQ:ETNB opened at $14.79 on Friday. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $15.06. The stock has a market capitalization of $2.19 billion, a P/E ratio of -4.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The company’s 50-day simple moving average is $12.07 and its 200-day simple moving average is $10.00.

89BIO (NASDAQ:ETNB) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.22). During the same quarter last year, the company posted ($0.48) EPS. On average, equities analysts anticipate that 89BIO will post -3.19 earnings per share for the current fiscal year.

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.