89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares dropped 4.8% on Thursday . The stock traded as low as $9.55 and last traded at $9.56. Approximately 2,361,257 shares changed hands during trading, an increase of 60% from the average daily volume of 1,476,702 shares. The stock had previously closed at $10.04.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. 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 on the stock. Citigroup started coverage on 89bio in a research report on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective for the company. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, 89bio has an average rating of "Buy" and a consensus price target of $26.43.
Read Our Latest Research Report on 89bio
89bio Price Performance
The stock's 50-day moving average is $7.95 and its two-hundred day moving average is $8.26. The company has a market capitalization of $1.53 billion, a PE ratio of -3.60 and a beta of 1.30. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.
89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same period in the previous year, the firm posted ($0.54) EPS. On average, equities analysts predict that 89bio, Inc. will post -3.19 EPS for the current year.
Insider Transactions at 89bio
In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the sale, the insider now owns 328,323 shares in the company, valued at $1,953,521.85. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.60% of the company's stock.
Hedge Funds Weigh In On 89bio
Institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in shares of 89bio by 17.0% during the first quarter. Rhumbline Advisers now owns 152,138 shares of the company's stock valued at $1,106,000 after buying an additional 22,158 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 89bio by 50.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 268,798 shares of the company's stock worth $1,954,000 after acquiring an additional 90,107 shares during the period. Woodline Partners LP grew its stake in 89bio by 77.5% during the 1st quarter. Woodline Partners LP now owns 700,754 shares of the company's stock valued at $5,094,000 after purchasing an additional 305,928 shares during the last quarter. Exome Asset Management LLC increased its holdings in shares of 89bio by 57.1% in the first quarter. Exome Asset Management LLC now owns 353,882 shares of the company's stock valued at $2,573,000 after purchasing an additional 128,559 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of 89bio by 23.3% in the first quarter. Goldman Sachs Group Inc. now owns 995,449 shares of the company's stock worth $7,237,000 after purchasing an additional 188,367 shares during 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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