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

by · The Cerbat Gem

Westfield Capital Management Co. LP increased its stake in shares of 89bio, Inc. (NASDAQ:ETNB – Free Report) by 29.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,006,038 shares of the company’s stock after purchasing an additional 686,673 shares during the quarter. Westfield Capital Management Co. LP owned approximately 3.06% of 89bio worth $22,245,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. RA Capital Management L.P. lifted its stake in shares of 89bio by 11.8% during the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock valued at $148,607,000 after buying an additional 1,350,000 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of 89bio by 41.4% during the first quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $146,646,000 after purchasing an additional 3,688,241 shares during the last quarter. Vanguard Group Inc. grew its position in shares of 89bio by 9.6% in the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after purchasing an additional 415,386 shares during the period. Candriam S.C.A. increased its stake in 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock worth $5,336,000 after buying an additional 53,932 shares during the period.

Wall Street Analysts Forecast Growth

ETNB has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a research note on Friday, September 20th. Raymond James lowered their price objective 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. Finally, Royal Bank of Canada cut their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, 89bio currently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

View Our Latest Analysis on ETNB

89bio Stock Performance

89bio stock opened at $8.76 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a fifty day moving average of $8.18 and a 200-day moving average of $8.38. 89bio, Inc. has a 52-week low of $7.00 and a 52-week high of $16.63.

89bio Profile

(Free Report)

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.

Further Reading

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