89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares rose 6.4% on Thursday . The stock traded as high as $9.82 and last traded at $9.82. Approximately 869,989 shares traded hands during trading, a decline of 39% from the average daily volume of 1,429,605 shares. The stock had previously closed at $9.23.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the stock. Cantor Fitzgerald raised shares of 89bio to a "strong-buy" rating in a research report on Wednesday, April 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, May 24th. Wolfe Research initiated coverage on shares of 89bio in a research note on Tuesday, February 4th. They issued an "outperform" rating on the stock. The Goldman Sachs Group began coverage on shares of 89bio in a research note on Friday, March 14th. They set a "neutral" rating and a $11.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of 89bio in a report on Thursday, March 13th. They issued a "buy" rating and a $25.00 price target for the company. 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. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $26.43.
Read Our Latest Report on ETNB
89bio Price Performance
The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -3.42 and a beta of 1.23. The business has a 50-day moving average price of $7.42 and a two-hundred day moving average price of $8.15.
89bio (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same period in the previous year, the company posted ($0.54) EPS. As a group, research analysts forecast that 89bio, Inc. will post -3.19 EPS for the current year.
Insider Buying and Selling
In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of the firm's stock in a transaction that occurred 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 sale, the insider now directly owns 328,323 shares in the company, valued at $1,953,521.85. This trade represents a 4.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.60% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in ETNB. RA Capital Management L.P. grew its stake in shares of 89bio by 40.3% during the first quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company's stock worth $144,598,000 after buying an additional 5,714,285 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of 89bio by 8.9% during the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock valued at $129,177,000 after purchasing an additional 1,355,838 shares during the period. Suvretta Capital Management LLC raised its holdings in shares of 89bio by 27.7% during the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after purchasing an additional 2,211,052 shares during the period. RTW Investments LP raised its holdings in shares of 89bio by 1.3% during the fourth quarter. RTW Investments LP now owns 7,478,061 shares of the company's stock valued at $58,478,000 after purchasing an additional 99,513 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of 89bio by 25.8% in the 1st quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock worth $52,079,000 after acquiring an additional 1,471,278 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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