89BIO (NASDAQ:ETNB - Get Free Report) saw unusually-high trading volume on Friday . Approximately 7,066,891 shares changed hands during mid-day trading, an increase of 153% from the previous session's volume of 2,793,920 shares.The stock last traded at $14.81 and had previously closed at $14.87.
Wall Street Analyst Weigh In
ETNB has been the subject of a number of research analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research report on Wednesday. Raymond James Financial cut 89BIO from a "strong-buy" rating to a "market perform" rating in a research report on Friday, September 19th. Wolfe Research cut 89BIO from an "outperform" rating to a "peer perform" rating in a research report on Friday, September 19th. HC Wainwright cut 89BIO from a "buy" rating to a "neutral" rating and set a $14.50 price objective for the company. in a research report on Friday, September 19th. Finally, Royal Bank Of Canada dropped their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, 89BIO has a consensus rating of "Hold" and an average price target of $25.81.
Check Out Our Latest Research Report on ETNB
89BIO Stock Down 0.5%
The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -4.10 and a beta of 1.27. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average price of $10.83 and a two-hundred day moving average price of $9.41.
89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter last year, the business earned ($0.48) earnings per share. On average, equities analysts expect that 89BIO will post -3.19 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, insider Quoc Le-Nguyen sold 10,461 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the transaction, the insider directly owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. The trade was a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company's stock.
Hedge Funds Weigh In On 89BIO
Hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC lifted its position in 89BIO by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after acquiring an additional 5,837 shares in the last quarter. KBC Group NV acquired a new position in 89BIO during the 2nd quarter worth approximately $55,000. GAMMA Investing LLC lifted its position in 89BIO by 4,898.7% during the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after acquiring an additional 7,495 shares in the last quarter. Osaic Holdings Inc. lifted its position in 89BIO by 25.9% during the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock worth $63,000 after acquiring an additional 1,330 shares in the last quarter. Finally, AlphaQuest LLC raised its position in shares of 89BIO by 213.8% in the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock valued at $65,000 after purchasing an additional 4,506 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.
Further Reading
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