89bio, Inc. (NASDAQ:ETNB) Short Interest Update

89bio, Inc. (NASDAQ:ETNB - Get Free Report) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totalling 6,450,000 shares, a drop of 7.1% from the September 15th total of 6,940,000 shares. Based on an average daily trading volume, of 616,600 shares, the days-to-cover ratio is currently 10.5 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Capstone Investment Advisors LLC purchased a new position in 89bio during the 1st quarter valued at about $1,208,000. Candriam S.C.A. boosted its holdings in shares of 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock worth $6,793,000 after purchasing an additional 538,079 shares during the period. Westfield Capital Management Co. LP grew 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 purchasing an additional 402,999 shares in the last quarter. Vanguard Group Inc. increased its stake in 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company's stock valued at $54,975,000 after buying an additional 415,386 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in 89bio in the 2nd quarter worth approximately $2,238,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Raymond James boosted their price target on shares of 89bio from $50.00 to $53.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, August 6th. HC Wainwright reissued a "buy" rating and set a $29.00 target price on shares of 89bio in a research note on Tuesday, August 6th. Royal Bank of Canada reduced their target price on shares of 89bio from $13.00 to $12.00 and set a "sector perform" rating for the company in a report on Tuesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $29.00 price target on shares of 89bio in a report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

89bio Trading Down 4.6 %

Shares of 89bio stock traded down $0.40 during trading on Thursday, hitting $8.21. The stock had a trading volume of 521,147 shares, compared to its average volume of 962,525. 89bio has a 1 year low of $6.57 and a 1 year high of $16.63. The stock has a 50 day simple moving average of $8.15 and a 200 day simple moving average of $8.56. 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 company has a market capitalization of $807.73 million, a PE ratio of -4.08 and a beta of 1.09.

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

About 89bio

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.