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

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

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Allianz Asset Management GmbH raised its position in shares of 89BIO by 376.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 61,000 shares of the company’s stock valued at $599,000 after purchasing an additional 48,200 shares during the last quarter. CWM LLC raised its position in shares of 89BIO by 32.7% in the 2nd quarter. CWM LLC now owns 7,827 shares of the company’s stock valued at $77,000 after purchasing an additional 1,927 shares during the last quarter. Gilliland Jeter Wealth Management LLC raised its position in shares of 89BIO by 7.9% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 52,749 shares of the company’s stock valued at $518,000 after purchasing an additional 3,870 shares during the last quarter. Truist Financial Corp raised its position in shares of 89BIO by 150.0% in the 2nd quarter. Truist Financial Corp now owns 25,000 shares of the company’s stock valued at $246,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of 89BIO by 406.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,171,194 shares of the company’s stock valued at $21,321,000 after purchasing an additional 1,742,299 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ETNB shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89BIO in a research report on Friday. Royal Bank Of Canada decreased their price objective on shares of 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Friday, August 8th. HC Wainwright lowered shares of 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research report on Friday, September 19th. Bank of America decreased their price objective on shares of 89BIO from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, August 25th. Finally, Raymond James Financial lowered shares of 89BIO from a “strong-buy” rating to a “market perform” rating in a research report on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $25.81.

89BIO Stock Performance

ETNB opened at $14.79 on Friday. 89BIO has a 12-month low of $4.16 and a 12-month high of $15.06. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $2.19 billion, a PE ratio of -4.10 and a beta of 1.27. The firm has a 50 day moving average of $12.07 and a two-hundred day moving average of $10.00.

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

About 89BIO

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.