Fintel reports that Orbimed Advisors Llc has filed a 13D/A form with the SEC disclosing ownership of 1.50MM shares of 89bio Inc (ETNB). This represents 3.2% of the company.

In their previous filing dated July 5, 2022 they reported 1.83MM shares and 4.70% of the company, a decrease in shares of 17.77% and a decrease in total ownership of 1.50% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 105.65% Upside

As of January 26, 2023, the average one-year price target for 89bio is $24.86. The forecasts range from a low of $12.12 to a high of $35.70. The average price target represents an increase of 105.65% from its latest reported closing price of $12.09.

The projected annual revenue for 89bio is $1MM. The projected annual EPS is -$2.91.

Fund Sentiment

There are 140 funds or institutions reporting positions in 89bio Inc. This is a decrease of 24 owner(s) or 14.63%.

Average portfolio weight of all funds dedicated to 89bio Inc is 0.1847%, an increase of 106.2%. Total shares owned by institutions increased in the last three months by 17.38% to 39,661,747 shares.

What are large shareholders doing?

Ra Capital Management, L.p. holds 7,782,669 shares representing 16.72% ownership of the company. No change in the last quarter.

Bvf Inc/il holds 3,143,682 shares representing 6.76% ownership of the company. In it’s prior filing, the firm reported owning 3,898,000 shares, representing a decrease of 23.99%. The firm increased its portfolio allocation in ETNB by 24.03% over the last quarter.

Deep Track Capital, LP holds 2,636,000 shares representing 5.66% ownership of the company.

Adage Capital Partners Gp, L.l.c. holds 2,250,000 shares representing 4.83% ownership of the company. In it’s prior filing, the firm reported owning 1,100,000 shares, representing an increase of 51.11%. The firm increased its portfolio allocation in ETNB by 297.96% over the last quarter.

Boxer Capital, LLC holds 1,400,000 shares representing 3.01% ownership of the company. No change in the last quarter.

89bio Inc Background Information
(This description is provided by the company.)

89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The company’s lead product candidate, BIO89-100, is a specifically engineered glycoPEGylated analog of FGF21. BIO89-100 is being developed for the treatment of nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). 89bio is headquartered in San Francisco with operations in Herzliya, Israel.

This article originally appeared on Fintel

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