89bio (NASDAQ:ETNB) Shares Gap Down - Here's What Happened

89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $9.14, but opened at $8.90. 89bio shares last traded at $9.06, with a volume of 161,725 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ETNB. Cantor Fitzgerald reissued an "overweight" rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Royal Bank of Canada dropped their price objective on 89bio from $13.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Tuesday, August 6th. HC Wainwright reaffirmed a "buy" rating and set a $29.00 price objective on shares of 89bio in a research report on Tuesday, August 6th. Finally, Raymond James raised their price target on 89bio from $50.00 to $53.00 and gave the stock a "strong-buy" rating in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

89bio Stock Performance

The stock has a market capitalization of $913.95 million, a PE ratio of -4.76 and a beta of 1.07. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average price of $8.12 and a 200-day moving average price of $8.37.

89bio (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same period in the previous year, the firm earned ($0.52) earnings per share. Research analysts expect that 89bio, Inc. will post -2.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ETNB. Janus Henderson Group PLC raised its stake in shares of 89bio by 41.4% in the first quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company's stock worth $146,646,000 after purchasing an additional 3,688,241 shares during the last quarter. RA Capital Management L.P. raised its position in 89bio by 11.8% during the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company's stock valued at $148,607,000 after acquiring an additional 1,350,000 shares in the last quarter. Candriam S.C.A. raised its position in 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock valued at $6,793,000 after acquiring an additional 538,079 shares in the last quarter. Vanguard Group Inc. raised its position in 89bio by 9.6% during the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company's stock valued at $54,975,000 after acquiring an additional 415,386 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in 89bio by 22.9% during the first quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company's stock valued at $25,191,000 after acquiring an additional 402,999 shares in 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.