89bio, Inc. (NASDAQ:ETNB - Get Free Report)'s share price rose 4.9% during trading on Friday . The stock traded as high as $9.97 and last traded at $10.09. Approximately 1,072,013 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 1,484,057 shares. The stock had previously closed at $9.62.
Analyst Ratings Changes
ETNB has been the subject of several recent analyst reports. Citigroup initiated coverage on 89bio in a research report on Thursday, March 13th. They issued a "buy" rating and a $25.00 target price for the company. HC Wainwright reissued a "buy" rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. Cantor Fitzgerald upgraded 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group assumed coverage on 89bio in a report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target for the company. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $26.43.
View Our Latest Stock Analysis on ETNB
89bio Stock Performance
The company has a market cap of $1.47 billion, a price-to-earnings ratio of -3.45 and a beta of 1.30. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The stock has a 50-day moving average price of $8.17 and a 200 day moving average price of $8.27.
89bio (NASDAQ:ETNB - Get Free Report) last announced 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 period last year, the business posted ($0.54) earnings per share. As a group, analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
Insider Activity at 89bio
In related news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the sale, the insider now owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. This trade represents a 4.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.
Institutional Investors Weigh In On 89bio
A number of hedge funds and other institutional investors have recently bought and sold shares of ETNB. CWM LLC grew its stake in 89bio by 9,265.1% in the first quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after purchasing an additional 5,837 shares in the last quarter. Federated Hermes Inc. grew its stake 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 purchasing an additional 4,236 shares in the last quarter. Quarry LP bought a new position in 89bio in the fourth quarter valued at approximately $55,000. GAMMA Investing LLC grew its stake in 89bio by 4,898.7% in the first 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 in the last quarter. Finally, Sandia Investment Management LP grew its stake in 89bio by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after purchasing an additional 2,500 shares in the last quarter.
89bio Company Profile
(
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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