89bio, Inc. (NASDAQ:ETNB - Get Free Report) fell 3.3% during trading on Tuesday . The company traded as low as $9.19 and last traded at $9.18. 539,068 shares were traded during trading, a decline of 62% from the average session volume of 1,422,384 shares. The stock had previously closed at $9.49.
Analyst Ratings Changes
A number of research firms have recently commented on ETNB. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. UBS Group boosted their target price on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a report on Friday, January 31st. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, May 24th. The Goldman Sachs Group started coverage on 89bio in a report on Friday, March 14th. They set a "neutral" rating and a $11.00 target price for the company. Finally, Wolfe Research assumed coverage on 89bio in a report on Tuesday, February 4th. They set an "outperform" rating for the company. 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $26.43.
Check Out Our Latest Report on 89bio
89bio Stock Performance
The stock has a market cap of $1.45 billion, a PE ratio of -3.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock has a fifty day simple moving average of $7.42 and a two-hundred day simple moving average of $8.16.
89bio (NASDAQ:ETNB - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same period in the previous year, the firm earned ($0.54) EPS. Equities analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
Insider Activity
In related news, insider Quoc Le-Nguyen sold 15,329 shares of the company's stock in a transaction that occurred 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 sale, the insider now directly owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. This represents a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.
Institutional Investors Weigh In On 89bio
Several institutional investors and hedge funds have recently made changes to their positions in ETNB. SG Americas Securities LLC raised its position in shares of 89bio by 18.3% during the 4th quarter. SG Americas Securities LLC now owns 36,325 shares of the company's stock valued at $284,000 after acquiring an additional 5,612 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of 89bio during the 4th quarter valued at approximately $86,000. China Universal Asset Management Co. Ltd. increased its position in 89bio by 22.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company's stock worth $195,000 after buying an additional 4,562 shares during the period. Rhumbline Advisers increased its position in 89bio by 3.3% in the fourth quarter. Rhumbline Advisers now owns 129,980 shares of the company's stock worth $1,016,000 after buying an additional 4,125 shares during the period. Finally, New York State Common Retirement Fund increased its position in 89bio by 24.3% in the fourth quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock worth $128,000 after buying an additional 3,200 shares during the period.
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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