89BIO (NASDAQ:ETNB) Trading Down 5.2% on Analyst Downgrade

Key Points

• 89BIO shares fell by 5.2% after the Royal Bank of Canada downgraded the stock's price target from $12.00 to $11.00, maintaining a sector perform rating.
• Despite the downgrade, 89BIO holds a current average rating of "Buy" from analysts, with a higher average price target of $26.29.
• Insider Quoc Le-Nguyen sold 10,461 shares in July, decreasing their ownership by 3.27%, while institutional interest has surged from various investors including CWM LLC and Federated Hermes Inc.

89BIO (NASDAQ:ETNB - Get Free Report)'s stock price dropped 5.2% on Monday after Royal Bank Of Canada lowered their price target on the stock from $12.00 to $11.00. Royal Bank Of Canada currently has a sector perform rating on the stock. 89BIO traded as low as $8.59 and last traded at $8.69. Approximately 133,821 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 2,098,684 shares. The stock had previously closed at $9.17.

Several other analysts also recently weighed in on ETNB. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a report on Tuesday, July 29th. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $26.29.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the transaction, the insider owned 309,364 shares of the company's stock, valued at $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 89BIO

Institutional investors have recently bought and sold shares of the stock. CWM LLC grew its stake in 89BIO by 9,265.1% during the first quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after buying an additional 5,837 shares during the period. Federated Hermes Inc. grew its stake in 89BIO by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after buying an additional 4,236 shares during the period. Quarry LP purchased a new stake in 89BIO during the fourth quarter worth approximately $55,000. KBC Group NV purchased a new stake in 89BIO during the second quarter worth approximately $55,000. Finally, GAMMA Investing LLC grew its stake in 89BIO by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after buying an additional 7,495 shares during the period.

89BIO Stock Up 4.6%

The firm has a market capitalization of $1.40 billion, a PE ratio of -2.62 and a beta of 1.28. The firm's 50 day moving average price is $9.95 and its two-hundred day moving average price is $8.95. The company has a quick ratio of 18.03, a current ratio of 15.19 and a debt-to-equity ratio of 0.07.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the previous year, the business earned ($0.48) EPS. As a group, research analysts forecast that 89BIO will post -3.19 EPS for the current fiscal year.

89BIO Company Profile

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.