89bio (NASDAQ:ETNB) Shares Down 3.3% - What's Next?

89bio, Inc. (NASDAQ:ETNB - Get Free Report)'s share price traded down 3.3% during trading on Tuesday . The stock traded as low as $9.19 and last traded at $9.18. 539,068 shares traded hands 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

ETNB has been the topic of a number of research analyst reports. HC Wainwright restated a "buy" rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Citigroup assumed coverage on shares of 89bio in a report on Thursday, March 13th. They issued a "buy" rating and a $25.00 price target on the stock. Cantor Fitzgerald raised shares of 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a report on Saturday, May 24th. Finally, Wolfe Research assumed coverage on shares of 89bio in a report on Tuesday, February 4th. They issued an "outperform" rating on the stock. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $26.43.

89bio Price Performance

The business's fifty day simple moving average is $7.38 and its 200-day simple moving average is $8.15. 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 cap of $1.43 billion, a P/E ratio of -3.37 and a beta of 1.23.

89bio (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same quarter in the prior year, the firm posted ($0.54) EPS. As a group, analysts forecast that 89bio, Inc. will post -3.19 EPS for the current fiscal year.

Insider Transactions at 89bio

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the transaction, the insider now owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of 89bio by 17.0% in the first quarter. Rhumbline Advisers now owns 152,138 shares of the company's stock worth $1,106,000 after purchasing an additional 22,158 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of 89bio by 50.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 268,798 shares of the company's stock worth $1,954,000 after purchasing an additional 90,107 shares during the period. Woodline Partners LP grew its position in 89bio by 77.5% in the first quarter. Woodline Partners LP now owns 700,754 shares of the company's stock worth $5,094,000 after acquiring an additional 305,928 shares in the last quarter. Exome Asset Management LLC increased its stake in 89bio by 57.1% in the first quarter. Exome Asset Management LLC now owns 353,882 shares of the company's stock valued at $2,573,000 after acquiring an additional 128,559 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in 89bio by 23.3% in the first quarter. Goldman Sachs Group Inc. now owns 995,449 shares of the company's stock valued at $7,237,000 after acquiring an additional 188,367 shares during the last quarter.

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.