Fintel reports that Ra Capital Management has filed a 13D/A form with the SEC disclosing ownership of 12.88MM shares of 89bio Inc (ETNB). This represents 18.0% of the company.
In their previous filing dated October 21, 2022 they reported 9.38MM shares and 19.90% of the company, an increase in shares of 37.33% and a decrease in total ownership of 1.90% (calculated as current – previous percent ownership).
Analyst Price Forecast Suggests 123.39% Upside
As of March 30, 2023, the average one-year price target for 89bio is $35.32. The forecasts range from a low of $24.24 to a high of $52.50. The average price target represents an increase of 123.39% from its latest reported closing price of $15.81.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for 89bio is $1MM. The projected annual non-GAAP EPS is -$2.91.
What is the Fund Sentiment?
There are 153 funds or institutions reporting positions in 89bio. This is an increase of 15 owner(s) or 10.87% in the last quarter. Average portfolio weight of all funds dedicated to ETNB is 0.24%, an increase of 28.70%. Total shares owned by institutions increased in the last three months by 18.76% to 47,097K shares. The put/call ratio of ETNB is 0.35, indicating a bullish outlook.
What are Large Shareholders Doing?
Deep Track Capital holds 3,850K shares representing 7.37% ownership of the company. In it’s prior filing, the firm reported owning 2,636K shares, representing an increase of 31.53%. The firm increased its portfolio allocation in ETNB by 194.40% over the last quarter.
Orbimed Advisors holds 3,659K shares representing 7.01% ownership of the company. No change in the last quarter.
Cormorant Asset Management holds 2,550K shares representing 4.88% ownership of the company.
Adage Capital Partners Gp, L.l.c. holds 1,988K shares representing 3.81% ownership of the company. In it’s prior filing, the firm reported owning 2,250K shares, representing a decrease of 13.20%. The firm increased its portfolio allocation in ETNB by 87.31% over the last quarter.
Holocene Advisors holds 1,901K shares representing 3.64% ownership of the company.
89bio 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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