89BIO Sees Unusually High Options Volume (NASDAQ:ETNB)

Key Points

• 89BIO experienced a significant increase in options trading, with 7,218 put options traded, representing a 239% rise compared to the average volume.
• The company reported a quarterly loss of ($0.71) earnings per share, missing the consensus estimate, while analysts project a current fiscal year EPS of -3.19.
• Insider trading activity includes Quoc Le-Nguyen selling 10,461 shares, reflecting a decrease in their position, as the company emphasized rising interest from institutional investors.

89BIO (NASDAQ:ETNB - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock traders acquired 7,218 put options on the company. This is an increase of 239% compared to the average daily volume of 2,128 put options.

89BIO Trading Up 1.1%

NASDAQ:ETNB traded up $0.17 during trading hours on Thursday, hitting $14.86. 3,927,905 shares of the company were exchanged, compared to its average volume of 2,817,357. The company has a fifty day simple moving average of $10.20 and a 200 day simple moving average of $9.16. 89BIO has a one year low of $4.16 and a one year high of $15.06. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -4.12 and a beta of 1.26.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same period in the previous year, the company earned ($0.48) earnings per share. Sell-side analysts expect that 89BIO will post -3.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total value of $115,280.22. Following the transaction, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of 89BIO

Several large investors have recently made changes to their positions in ETNB. CWM LLC grew 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 buying an additional 5,837 shares during the period. KBC Group NV purchased a new position in shares of 89BIO in the 2nd quarter worth approximately $55,000. GAMMA Investing LLC raised its holdings in shares of 89BIO by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after purchasing an additional 7,495 shares during the period. Osaic Holdings Inc. raised its holdings in shares of 89BIO by 25.9% in the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock worth $63,000 after purchasing an additional 1,330 shares during the period. Finally, AlphaQuest LLC raised its holdings in shares of 89BIO by 213.8% in the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock worth $65,000 after purchasing an additional 4,506 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, September 27th. Wolfe Research downgraded 89BIO from an "outperform" rating to a "peer perform" rating in a research report on Friday, September 19th. Royal Bank Of Canada lowered their price target on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. HC Wainwright downgraded 89BIO from a "buy" rating to a "neutral" rating and set a $14.50 price target on the stock. in a research report on Friday, September 19th. Finally, Raymond James Financial downgraded 89BIO from a "strong-buy" rating to a "market perform" rating in a research report on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.81.

About 89BIO

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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