89bio, Inc. (NASDAQ:ETNB - Get Free Report) fell 8.8% during trading on Monday . The stock traded as low as $7.31 and last traded at $7.37. 203,195 shares were traded during mid-day trading, a decline of 83% from the average session volume of 1,226,712 shares. The stock had previously closed at $8.08.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a research report on Saturday, March 22nd. UBS Group upped their target price on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a report on Friday, January 31st. HC Wainwright restated a "buy" rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Citigroup initiated coverage on 89bio in a research note on Thursday, March 13th. They issued a "buy" rating and a $25.00 price target on the stock. Finally, Raymond James upgraded 89bio to a "strong-buy" rating in a report on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $27.56.
Check Out Our Latest Report on ETNB
89bio Price Performance
The firm has a fifty day moving average price of $9.19 and a two-hundred day moving average price of $8.40. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $1.00 billion, a P/E ratio of -2.36 and a beta of 1.17.
89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data 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). On average, analysts expect that 89bio, Inc. will post -3.19 EPS for the current year.
Insider Buying and Selling
In other 89bio news, Director Charles Mcwherter bought 5,000 shares of 89bio stock in a transaction on Tuesday, January 21st. The stock was acquired at an average price of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the director now owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Quoc Le-Nguyen sold 10,963 shares of the company's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares in the company, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.
Institutional Trading of 89bio
A number of large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its holdings in 89bio by 8.9% in the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock worth $129,177,000 after purchasing an additional 1,355,838 shares during the last quarter. Suvretta Capital Management LLC lifted its holdings in shares of 89bio by 27.7% during the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after buying an additional 2,211,052 shares during the period. RTW Investments LP boosted its stake in shares of 89bio by 1.3% in the 4th quarter. RTW Investments LP now owns 7,478,061 shares of the company's stock worth $58,478,000 after buying an additional 99,513 shares during the last quarter. Deep Track Capital LP grew its holdings in shares of 89bio by 134.2% in the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock worth $50,660,000 after acquiring an additional 3,711,737 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of 89bio by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company's stock worth $44,514,000 after acquiring an additional 686,054 shares during the period.
89bio Company Profile
(
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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