89bio (NASDAQ:ETNB) Shares Down 6.8%

89bio, Inc. (NASDAQ:ETNB - Get Free Report)'s share price fell 6.8% during mid-day trading on Monday . The company traded as low as $10.78 and last traded at $10.85. 182,176 shares were traded during trading, a decline of 86% from the average session volume of 1,347,490 shares. The stock had previously closed at $11.64.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ETNB. Oppenheimer reaffirmed a "market perform" rating on shares of 89bio in a research note on Tuesday, March 5th. HC Wainwright reaffirmed a "buy" rating and set a $31.00 price target on shares of 89bio in a research note on Wednesday, March 27th. Evercore ISI upped their price target on shares of 89bio from $29.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, March 6th. Royal Bank of Canada decreased their price target on shares of 89bio from $15.00 to $14.00 and set a "sector perform" rating on the stock in a research note on Friday, March 1st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $29.00 price objective on shares of 89bio in a research report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, 89bio presently has a consensus rating of "Moderate Buy" and an average target price of $28.83.

89bio Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The firm has a market cap of $1.00 billion, a P/E ratio of -5.43 and a beta of 1.04. The stock's 50-day simple moving average is $10.99 and its two-hundred day simple moving average is $10.63.

89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.01). Equities research analysts forecast that 89bio, Inc. will post -2.2 earnings per share for the current fiscal year.

Insider Transactions at 89bio

In related news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the business's stock in a transaction dated Monday, March 4th. The shares were purchased at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the business's stock in a transaction dated Monday, March 4th. The shares were purchased at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rohan Palekar sold 4,477 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the transaction, the chief executive officer now owns 486,889 shares in the company, valued at $5,238,925.64. The disclosure for this sale can be found here. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American International Group Inc. grew its holdings in 89bio by 3.2% during the 4th quarter. American International Group Inc. now owns 31,828 shares of the company's stock worth $356,000 after acquiring an additional 978 shares in the last quarter. New York State Common Retirement Fund grew its holdings in 89bio by 4.8% during the 4th quarter. New York State Common Retirement Fund now owns 26,041 shares of the company's stock worth $291,000 after acquiring an additional 1,190 shares in the last quarter. US Bancorp DE grew its holdings in 89bio by 132.5% during the 2nd quarter. US Bancorp DE now owns 2,202 shares of the company's stock worth $42,000 after acquiring an additional 1,255 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in 89bio by 9.0% during the 4th quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company's stock worth $176,000 after acquiring an additional 1,299 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of 89bio by 10.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company's stock valued at $165,000 after buying an additional 1,360 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.