Tue Sep 17 07:23:05 UTC 2024: ## Bank of New York Mellon Boosts Stake in 89bio, Inc.

**New York, NY -** Bank of New York Mellon Corp increased its position in 89bio, Inc. (NASDAQ: ETNB) by 20.5% during the second quarter, according to the institutional investor’s recent Form 13F filing with the Securities and Exchange Commission. The investment firm now holds 299,689 shares of the company’s stock, worth approximately $2.4 million.

This move by Bank of New York Mellon comes alongside a trend of other institutional investors adjusting their positions in 89bio. Ameritas Investment Partners Inc. and Chicago Partners Investment Group LLC both increased their stakes in the company during recent quarters, while Quest Partners LLC and Principal Financial Group Inc. acquired new positions.

89bio is a clinical-stage biopharmaceutical company focused on developing therapies for liver and cardio-metabolic diseases. Its lead product candidate, pegozafermin, is currently being studied for the treatment of nonalcoholic steatohepatitis and severe hypertriglyceridemia.

Analysts remain optimistic about 89bio’s future. Raymond James upgraded its price objective to $53.00 and gave the stock a “strong-buy” rating, while HC Wainwright reiterated a “buy” rating with a $29.00 price target. Cantor Fitzgerald also maintains an “overweight” rating and a $29.00 price objective.

Despite a recent drop in share price, 89bio’s market cap remains at $807.73 million. The company’s stock opened at $8.21 on Tuesday, with a 50-day moving average of $8.63 and a 200-day moving average of $9.25.

Overall, increased institutional interest and positive analyst sentiment suggest that 89bio remains a promising investment opportunity in the biopharmaceutical sector.

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