89bio (NASDAQ:ETNB) Trading 4.5% Higher - Here's What Happened

Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) traded up 4.5% during mid-day trading on Monday . The company traded as high as $7.33 and last traded at $7.25. 779,173 shares changed hands during trading, a decline of 41% from the average session volume of 1,316,186 shares. The stock had previously closed at $6.94.

Analysts Set New Price Targets

Several analysts have recently commented on ETNB shares. Citigroup initiated coverage on 89bio in a report on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective for the company. Wolfe Research initiated coverage on 89bio in a report on Tuesday, February 4th. They issued an "outperform" rating for the company. HC Wainwright restated a "buy" rating and set a $21.00 price target (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Cantor Fitzgerald raised shares of 89bio to a "strong-buy" rating in a research report on Wednesday. Finally, UBS Group boosted their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday, January 31st. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, 89bio currently has an average rating of "Buy" and a consensus target price of $27.25.

89bio Trading Up 7.4 %

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 company has a market cap of $1.27 billion, a price-to-earnings ratio of -3.00 and a beta of 1.25. The company's fifty day moving average is $7.38 and its two-hundred day moving average is $8.17.

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, topping the consensus estimate of ($0.50) by $0.01. During the same quarter in the previous year, the firm posted ($0.54) EPS. On average, research analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current year.

Insider Buying and Selling at 89bio

In related news, insider Quoc Le-Nguyen sold 15,329 shares of the firm's stock in a transaction dated 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 $1,953,521.85. This trade represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On 89bio

Hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its stake in shares of 89bio by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after purchasing an additional 5,837 shares during the period. Federated Hermes Inc. increased its holdings in 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after buying an additional 4,236 shares in the last quarter. Quarry LP purchased a new position in 89bio in the fourth quarter valued at $55,000. GAMMA Investing LLC raised its position in shares of 89bio by 4,898.7% in the first 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 stake in shares of 89bio during the 4th quarter worth about $86,000.

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.