Sphera Funds Management LTD. Buys 10,000 Shares of 89bio, Inc. (NASDAQ:ETNB)

Sphera Funds Management LTD. boosted its holdings in shares of 89bio, Inc. (NASDAQ:ETNB) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 536,547 shares of the company’s stock after acquiring an additional 10,000 shares during the quarter. Sphera Funds Management LTD. owned 0.51% of 89bio worth $3,970,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Quest Partners LLC raised its position in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in 89bio during the 2nd quarter valued at $66,000. China Universal Asset Management Co. Ltd. raised its position in 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of 89bio in the 3rd quarter worth $160,000. Finally, SG Americas Securities LLC bought a new position in shares of 89bio in the 2nd quarter worth $203,000.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

ETNB has been the subject of several recent research reports. Raymond James reduced their price target on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Trading Down 4.9 %

Shares of ETNB opened at $8.30 on Thursday. 89bio, Inc. has a 52 week low of $7.00 and a 52 week high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock’s 50-day moving average price is $8.33 and its 200-day moving average price is $8.39.

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.