89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares were down 5.7% during mid-day trading on Tuesday . The stock traded as low as $8.78 and last traded at $8.63. Approximately 47,850 shares were traded during trading, a decline of 96% from the average daily volume of 1,178,761 shares. The stock had previously closed at $9.15.
Analysts Set New Price Targets
Several research firms have commented on ETNB. Raymond James raised shares of 89bio to a "strong-buy" rating in a research note on Thursday, December 12th. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. UBS Group raised their price target on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a report on Saturday, March 22nd. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, 89bio currently has an average rating of "Moderate Buy" and a consensus target price of $27.56.
Check Out Our Latest Analysis on ETNB
89bio Trading Down 9.8 %
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 has a market capitalization of $1.18 billion, a PE ratio of -2.78 and a beta of 1.17. The business has a fifty day moving average price of $9.16 and a 200 day moving average price of $8.42.
89bio (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). Analysts expect that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
Insider Activity at 89bio
In related news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were acquired at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. This represents a 41.29 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles Mcwherter purchased 5,000 shares of 89bio stock in a transaction that occurred on Tuesday, January 21st. The shares were bought at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $98,250. This represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.
Institutional Investors Weigh In On 89bio
A number of large investors have recently added to or reduced their stakes in ETNB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 89bio by 2.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock valued at $400,000 after buying an additional 1,169 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in 89bio by 11.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after purchasing an additional 1,437 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in 89bio by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company's stock valued at $1,043,000 after purchasing an additional 1,624 shares in the last quarter. Sandia Investment Management LP increased its holdings in 89bio by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after purchasing an additional 2,500 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock valued at $128,000 after purchasing an additional 3,200 shares in the last quarter.
About 89bio
(
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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