Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) dropped 9.1% on Tuesday . The company traded as low as $9.13 and last traded at $9.21. Approximately 1,131,586 shares were traded during trading, a decline of 58% from the average daily volume of 2,677,360 shares. The stock had previously closed at $10.13.
Analyst Ratings Changes
Several equities analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price target (down previously from $29.00) on shares of 89bio in a report on Friday. Raymond James raised shares of 89bio to a "strong-buy" rating in a report on Thursday, December 12th. UBS Group upped their target price on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, 89bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.29.
View Our Latest Research Report on 89bio
89bio Price Performance
The firm has a 50-day simple moving average of $8.75 and a two-hundred day simple moving average of $8.47. The company has a market capitalization of $979.54 million, a price-to-earnings ratio of -3.17 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.
89bio (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). As a group, analysts predict that 89bio, Inc. will post -3.19 earnings per share for the current fiscal year.
Insider Transactions at 89bio
In other news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the transaction, the director now owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rohan Palekar bought 5,000 shares of the company's stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the transaction, the chief executive officer now directly owns 471,236 shares in the company, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 5,734,285 shares of company stock valued at $50,152,194 in the last 90 days. 2.80% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On 89bio
A number of large investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. increased its position in shares of 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company's stock valued at $151,000 after buying an additional 8,810 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in 89bio by 165.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company's stock valued at $1,687,000 after acquiring an additional 142,032 shares during the period. Quest Partners LLC increased its holdings in 89bio by 172.1% in the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company's stock worth $163,000 after acquiring an additional 13,961 shares in the last quarter. Intech Investment Management LLC purchased a new stake in 89bio in the 3rd quarter worth $160,000. Finally, Charles Schwab Investment Management Inc. raised its position in 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company's stock worth $5,336,000 after acquiring an additional 53,932 shares during the period.
About 89bio
(
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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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