Westfield Capital Management Co. LP Boosts Position in 89BIO (NASDAQ:ETNB)

Westfield Capital Management Co. LP boosted its holdings in shares of 89BIO (NASDAQ:ETNB) by 0.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,894,741 shares of the company’s stock after buying an additional 7,947 shares during the quarter. Westfield Capital Management Co. LP owned 2.67% of 89BIO worth $28,315,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in 89BIO by 153.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,295 shares of the company’s stock worth $148,000 after buying an additional 12,300 shares during the last quarter. Royce & Associates LP purchased a new position in 89BIO during the 1st quarter worth approximately $1,643,000. Readystate Asset Management LP purchased a new position in 89BIO during the 1st quarter worth approximately $4,981,000. KLP Kapitalforvaltning AS raised its position in 89BIO by 130.1% during the 1st quarter. KLP Kapitalforvaltning AS now owns 33,600 shares of the company’s stock worth $244,000 after buying an additional 19,000 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in 89BIO during the 1st quarter worth approximately $93,000.

Insider Transactions at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the sale, the insider owned 309,364 shares of the company’s stock, valued at approximately $3,409,191.28. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald raised shares of 89BIO to a “strong-buy” rating in a research report on Wednesday, April 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89BIO in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, 89BIO has an average rating of “Buy” and an average price target of $26.43.

89BIO Price Performance

NASDAQ:ETNB opened at $9.34 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.03 and a quick ratio of 18.03. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -2.76 and a beta of 1.28. The company has a 50 day moving average price of $10.02 and a 200-day moving average price of $8.86. 89BIO has a 1-year low of $4.16 and a 1-year high of $11.84.

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.