Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) dropped 4.8% during mid-day trading on Thursday . The stock traded as low as $9.55 and last traded at $9.56. Approximately 2,361,257 shares were traded during mid-day 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
ETNB has been the topic of several analyst reports. Citigroup assumed coverage on 89bio in a research report on Thursday, March 13th. They issued a "buy" rating and a $25.00 price objective on the stock. The Goldman Sachs Group assumed coverage on 89bio in a report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $21.00 price target (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of 89bio in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, 89bio has a consensus rating of "Buy" and a consensus target price of $26.43.
Check Out Our Latest Stock Report on 89bio
89bio Trading Up 8.2%
The company has a market capitalization of $1.52 billion, a PE ratio of -3.58 and a beta of 1.30. The company's fifty day moving average is $8.06 and its 200-day moving average is $8.27. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.
89bio (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same quarter in the previous year, the business earned ($0.54) EPS. On average, analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
Insider Transactions at 89bio
In related news, insider Quoc Le-Nguyen sold 15,329 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the transaction, the insider now directly owns 328,323 shares in the company, valued at $1,953,521.85. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.60% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETNB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 89bio by 2.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock worth $400,000 after buying an additional 1,169 shares in the last quarter. Victory Capital Management Inc. increased its stake in 89bio by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock worth $109,000 after buying an additional 1,437 shares in the last quarter. Comerica Bank increased its stake in 89bio by 0.6% during the 1st quarter. Comerica Bank now owns 258,123 shares of the company's stock worth $1,877,000 after buying an additional 1,540 shares in the last quarter. Algert Global LLC increased its stake in 89bio by 0.9% during the 1st quarter. Algert Global LLC now owns 186,991 shares of the company's stock worth $1,359,000 after buying an additional 1,584 shares in the last quarter. Finally, Sandia Investment Management LP increased its stake in 89bio by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after buying an additional 2,500 shares in the last quarter.
89bio Company Profile
(
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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