89BIO (NASDAQ:ETNB) Trading Up 5% - Here's What Happened

89BIO (NASDAQ:ETNB - Get Free Report)'s stock price rose 5% during trading on Wednesday . The stock traded as high as $10.44 and last traded at $10.45. Approximately 80,171 shares traded hands during trading, a decline of 95% from the average daily volume of 1,517,056 shares. The stock had previously closed at $9.95.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. The Goldman Sachs Group assumed coverage on shares of 89BIO in a research note on Friday, March 14th. They issued a "neutral" rating and a $11.00 target price on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research note on Friday, June 27th. Finally, Cantor Fitzgerald upgraded shares of 89BIO to a "strong-buy" rating in a research note on Wednesday, April 30th. Two research 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, 89BIO has a consensus rating of "Buy" and a consensus price target of $26.43.

89BIO Trading Up 2.0%

The company has a market cap of $1.61 billion, a price-to-earnings ratio of -3.25 and a beta of 1.28. The company has a quick ratio of 18.03, a current ratio of 18.03 and a debt-to-equity ratio of 0.06. The company's 50-day moving average is $9.51 and its 200 day moving average is $8.54.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly 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 quarter last year, the business posted ($0.54) EPS. Research analysts predict that 89BIO will post -3.19 EPS for the current year.

Insiders Place Their Bets

In related news, insider Quoc Le-Nguyen sold 15,329 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the transaction, the insider directly owned 328,323 shares in the company, valued at approximately $1,953,521.85. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On 89BIO

A number of institutional investors and hedge funds have recently bought and sold shares of ETNB. CWM LLC boosted its holdings in 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 last quarter. Federated Hermes Inc. boosted its holdings in 89BIO by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP acquired a new position in 89BIO in the 4th quarter valued at about $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 valued at $56,000 after purchasing an additional 7,495 shares during the last quarter. Finally, Sandia Investment Management LP raised its stake in shares of 89BIO by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after acquiring an additional 2,500 shares during the period.

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.