89bio (NASDAQ:ETNB) Trading Up 4.9% - What's Next?

89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares were up 4.9% during trading on Friday . The company traded as high as $9.97 and last traded at $10.09. Approximately 1,072,013 shares were traded during 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

A number of research analysts have commented on ETNB shares. Citigroup started coverage on 89bio in a research note on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective on the stock. The Goldman Sachs Group began coverage on 89bio in a report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price target for the company. HC Wainwright restated 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. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a report on Wednesday. Finally, Cantor Fitzgerald upgraded 89bio to a "strong-buy" rating in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $26.43.

89bio Stock Performance

The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -3.52 and a beta of 1.30. 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's fifty day simple moving average is $7.95 and its two-hundred day simple moving average is $8.26.

89bio (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.01. During the same quarter last year, the business earned ($0.54) EPS. Equities research analysts predict that 89bio, Inc. will post -3.19 earnings per share for the current fiscal year.

Insider Transactions at 89bio

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the firm's stock in a transaction dated 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 directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. This trade represents a 4.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 89bio by 2.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock worth $400,000 after buying an additional 1,169 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of 89bio by 11.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock worth $109,000 after buying an additional 1,437 shares during the last quarter. Comerica Bank lifted its position in shares of 89bio by 0.6% in the 1st quarter. Comerica Bank now owns 258,123 shares of the company's stock worth $1,877,000 after buying an additional 1,540 shares during the last quarter. Algert Global LLC lifted its position in shares of 89bio by 0.9% in the 1st quarter. Algert Global LLC now owns 186,991 shares of the company's stock worth $1,359,000 after buying an additional 1,584 shares during the last quarter. Finally, Sandia Investment Management LP lifted its position in 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 purchasing an additional 2,500 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.

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