89bio (NASDAQ:ETNB) Stock Price Down 4.2%

89bio, Inc. (NASDAQ:ETNB - Get Free Report) traded down 4.2% during trading on Thursday . The company traded as low as $10.10 and last traded at $10.10. 237,375 shares were traded during trading, a decline of 81% from the average session volume of 1,280,884 shares. The stock had previously closed at $10.54.

Wall Street Analyst Weigh In

ETNB has been the topic of several research reports. Royal Bank of Canada reduced 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 report on Friday, March 1st. Cantor Fitzgerald restated an "overweight" rating and set a $29.00 target price on shares of 89bio in a research report on Friday, April 5th. Oppenheimer reiterated a "market perform" rating on shares of 89bio in a research report on Tuesday, March 5th. Evercore ISI boosted their price objective on 89bio from $29.00 to $37.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 6th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $31.00 price objective on shares of 89bio in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, 89bio presently has an average rating of "Moderate Buy" and a consensus target price of $28.83.

89bio Price Performance

The stock has a 50 day moving average of $11.04 and a 200-day moving average of $10.34. The company has a current ratio of 20.04, a quick ratio of 20.04 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $948.09 million, a P/E ratio of -5.04 and a beta of 1.04.

89bio (NASDAQ:ETNB - Get Free Report) last released its earnings results on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.01). On average, equities research analysts anticipate that 89bio, Inc. will post -2.2 earnings per share for the current fiscal year.

Insider Activity at 89bio

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of the company's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the transaction, the chief executive officer now directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other 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 price of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the purchase, 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 available at this link. Also, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the sale, the chief executive officer now owns 486,889 shares of the company's stock, valued at $5,238,925.64. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. RTW Investments LP bought a new position in shares of 89bio during the fourth quarter valued at approximately $62,317,000. BlackRock Inc. lifted its stake in shares of 89bio by 272.1% during the 2nd quarter. BlackRock Inc. now owns 4,650,183 shares of the company's stock worth $88,121,000 after purchasing an additional 3,400,611 shares during the last quarter. State Street Corp boosted its position in 89bio by 2,823.9% during the first quarter. State Street Corp now owns 3,070,374 shares of the company's stock valued at $46,762,000 after purchasing an additional 2,965,364 shares in the last quarter. BVF Inc. IL grew its stake in 89bio by 119.2% in the fourth quarter. BVF Inc. IL now owns 4,047,354 shares of the company's stock valued at $45,209,000 after purchasing an additional 2,201,200 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new position in 89bio in the fourth quarter worth about $22,340,000.

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.