1,021,477 Shares in 89bio, Inc. (NASDAQ:ETNB) Bought by Superstring Capital Management LP

Superstring Capital Management LP bought a new position in 89bio, Inc. (NASDAQ:ETNB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,021,477 shares of the company’s stock, valued at approximately $11,410,000. 89bio comprises about 8.1% of Superstring Capital Management LP’s portfolio, making the stock its 3rd biggest position. Superstring Capital Management LP owned approximately 1.10% of 89bio at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. RTW Investments LP acquired a new stake in 89bio during the 4th quarter worth about $62,317,000. Braidwell LP purchased a new stake in shares of 89bio during the 3rd quarter worth about $24,556,000. Laurion Capital Management LP raised its stake in shares of 89bio by 65.8% in the 3rd quarter. Laurion Capital Management LP now owns 1,205,638 shares of the company’s stock valued at $18,615,000 after acquiring an additional 478,632 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of 89bio by 57.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock valued at $20,256,000 after acquiring an additional 476,655 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of 89bio by 193.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock valued at $7,550,000 after acquiring an additional 322,339 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Thursday, May 16th. Oppenheimer reissued a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, May 17th. Bank of America reaffirmed a “buy” rating and issued a $30.00 price target on shares of 89bio in a research report on Monday, April 22nd. Finally, Royal Bank of Canada dropped their price target on 89bio from $15.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.14.

89bio Stock Performance

NASDAQ ETNB traded up $0.37 during trading on Monday, hitting $8.47. The company’s stock had a trading volume of 820,220 shares, compared to its average volume of 1,115,006. The company has a quick ratio of 15.03, a current ratio of 15.03 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $9.02 and a 200 day moving average price of $10.12. The firm has a market cap of $833.28 million, a P/E ratio of -4.21 and a beta of 1.11. 89bio, Inc. has a 52 week low of $6.57 and a 52 week high of $22.93.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.08). During the same period in the prior year, the business earned ($0.54) earnings per share. Equities research analysts forecast that 89bio, Inc. will post -2.42 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.