Westfield Capital Management Co. LP Grows Stock Position in 89bio, Inc. (NASDAQ:ETNB)

Westfield Capital Management Co. LP raised its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 22.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,164,147 shares of the company’s stock after buying an additional 402,999 shares during the period. Westfield Capital Management Co. LP’s holdings in 89bio were worth $25,191,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. New York State Common Retirement Fund raised its stake in shares of 89bio by 4.8% during the 4th quarter. New York State Common Retirement Fund now owns 26,041 shares of the company’s stock valued at $291,000 after buying an additional 1,190 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of 89bio by 9.0% during the 4th quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock valued at $176,000 after buying an additional 1,299 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 89bio by 10.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock valued at $165,000 after buying an additional 1,360 shares during the last quarter. Wetzel Investment Advisors Inc. increased its stake in shares of 89bio by 66.7% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 5,000 shares of the company’s stock valued at $58,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 89bio by 7.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,644 shares of the company’s stock valued at $510,000 after purchasing an additional 3,278 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ETNB shares. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Monday, July 1st. Bank of America restated a “buy” rating and issued a $30.00 price target on shares of 89bio in a research note on Monday, April 22nd. HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research note on Tuesday, June 11th. Finally, Evercore ISI cut their price target on 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, 89bio has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

89bio Stock Performance

Shares of 89bio stock traded up $0.02 during mid-day trading on Friday, reaching $8.35. 934,649 shares of the stock traded hands, compared to its average volume of 1,286,042. The business has a 50-day moving average of $8.36 and a 200 day moving average of $9.78. 89bio, Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $18.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 15.03 and a quick ratio of 15.03.

89bio (NASDAQ:ETNB) last announced its earnings results on Wednesday, May 15th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). During the same quarter last year, the business earned ($0.54) earnings per share. As a group, analysts predict that 89bio, Inc. will post -2.42 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.