Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $9.16, but opened at $9.42. 89bio shares last traded at $9.41, with a volume of 276,504 shares.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on ETNB shares. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. The Goldman Sachs Group started coverage on 89bio in a report on Friday, March 14th. They set a "neutral" rating and a $11.00 price objective on the stock. Citigroup started coverage on 89bio in a report on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a report on Saturday. 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.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $26.43.
Read Our Latest Stock Report on 89bio
89bio Stock Performance
The stock has a 50-day simple moving average of $7.35 and a 200 day simple moving average of $8.15. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company has a market capitalization of $1.39 billion, a PE ratio of -3.26 and a beta of 1.23.
89bio (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, topping analysts' consensus estimates of ($0.50) by $0.01. During the same period in the previous year, the company earned ($0.54) EPS. Equities analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
Insider Activity
In other 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 value of $91,207.55. Following the sale, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.60% of the company's stock.
Institutional Trading of 89bio
Several institutional investors and hedge funds have recently made changes to their positions in ETNB. CWM LLC increased its stake in shares of 89bio by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after acquiring an additional 5,837 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after purchasing an additional 4,236 shares during the period. Quarry LP purchased a new position in 89bio in the 4th quarter worth approximately $55,000. GAMMA Investing LLC boosted its holdings in 89bio by 4,898.7% in 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 during the period. Finally, Kingswood Wealth Advisors LLC purchased a new position in 89bio in the 4th quarter worth approximately $86,000.
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider 89bio, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and 89bio wasn't on the list.
While 89bio currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
