Suvretta Capital Management LLC Decreases Stock Holdings in 89bio, Inc. (NASDAQ:ETNB)

Suvretta Capital Management LLC reduced its holdings in shares of 89bio, Inc. (NASDAQ:ETNB) by 0.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,991,644 shares of the company’s stock after selling 40,201 shares during the period. 89bio comprises 1.9% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 13th largest holding. Suvretta Capital Management LLC owned about 0.08% of 89bio worth $59,138,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ETNB. Vanguard Group Inc. grew its stake in 89bio by 9.6% during the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after buying an additional 415,386 shares during the period. American International Group Inc. grew its stake in 89bio by 22.4% during the first quarter. American International Group Inc. now owns 38,968 shares of the company’s stock worth $454,000 after buying an additional 7,140 shares during the period. Price T Rowe Associates Inc. MD grew its stake in 89bio by 28.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,221 shares of the company’s stock worth $364,000 after buying an additional 7,000 shares during the period. Comerica Bank grew its stake in 89bio by 9.7% during the first quarter. Comerica Bank now owns 171,000 shares of the company’s stock worth $1,990,000 after buying an additional 15,070 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in 89bio by 254.1% during the second quarter. Harbor Capital Advisors Inc. now owns 85,898 shares of the company’s stock worth $688,000 after buying an additional 61,641 shares during the period.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank of Canada decreased their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Raymond James decreased their target price on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research note on Monday, November 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, 89bio presently has an average rating of “Moderate Buy” and an average price target of $30.33.

Insider Activity at 89bio

In other 89bio news, CEO Rohan Palekar bought 10,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $8.35 per share, with a total value of $83,500.00. Following the completion of the acquisition, the chief executive officer now owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

89bio Stock Up 2.7 %

ETNB opened at $9.14 on Friday. The firm’s fifty day moving average price is $8.24 and its 200 day moving average price is $8.39. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a 12-month low of $7.00 and a 12-month high of $16.63.

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.