89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares hit a new 52-week low during trading on Friday . The company traded as low as $5.90 and last traded at $6.03, with a volume of 1083514 shares trading hands. The stock had previously closed at $6.86.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the stock. HC Wainwright restated a "buy" rating and issued a $21.00 price objective (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Citigroup started coverage on shares of 89bio in a report on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective on the stock. Raymond James upgraded shares of 89bio to a "strong-buy" rating in a report on Thursday, December 12th. The Goldman Sachs Group assumed coverage on 89bio in a research note on Friday, March 14th. They issued a "neutral" rating and a $11.00 price target for the company. Finally, UBS Group upped their target price on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.56.
Check Out Our Latest Research Report on ETNB
89bio Stock Up 14.7 %
The firm's 50-day moving average price is $8.93 and its 200 day moving average price is $8.30. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $808.75 million, a price-to-earnings ratio of -1.90 and a beta of 1.25.
89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). On average, sell-side analysts forecast that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
Insider Transactions at 89bio
In other 89bio news, Director Charles Mcwherter bought 5,000 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average cost of $6.55 per share, with a total value of $32,750.00. Following the transaction, the director now directly owns 15,000 shares in the company, valued at $98,250. This trade represents a 50.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the purchase, the director now directly owns 19,554,319 shares in the company, valued at $171,100,291.25. This represents a 41.29 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.
Institutional Trading of 89bio
A number of institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 89bio by 2.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock valued at $400,000 after purchasing an additional 1,169 shares during the period. Victory Capital Management Inc. grew its stake in shares of 89bio by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after acquiring an additional 1,437 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 89bio by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company's stock worth $1,043,000 after acquiring an additional 1,624 shares in the last quarter. Sandia Investment Management LP lifted its holdings in 89bio by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after purchasing an additional 2,500 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock worth $128,000 after purchasing an additional 3,200 shares in the last quarter.
About 89bio
(
Get 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.
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