89bio (NASDAQ:ETNB) Trading Down 9.1%

89bio, Inc. (NASDAQ:ETNBGet Free Report) shares dropped 9.1% on Friday . The company traded as low as $8.44 and last traded at $8.44. Approximately 114,288 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 1,102,942 shares. The stock had previously closed at $9.29.

Wall Street Analyst Weigh In

ETNB has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday. Evercore ISI reduced their price objective on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday, May 15th. Bank of America reaffirmed a “buy” rating and issued a $30.00 price objective on shares of 89bio in a research report on Monday, April 22nd. Royal Bank of Canada reduced their price objective on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research report on Friday, March 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.14.

Get Our Latest Report on 89bio

89bio Stock Performance

The company’s fifty day moving average is $8.92 and its 200 day moving average is $10.12. The company has a market capitalization of $849.02 million, a P/E ratio of -4.32 and a beta of 1.11. The company has a current ratio of 15.03, a quick ratio of 15.03 and a debt-to-equity ratio of 0.05.

89bio (NASDAQ:ETNBGet Free Report) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.08). During the same period in the prior year, the company earned ($0.54) EPS. As a group, equities analysts anticipate that 89bio, Inc. will post -2.42 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd boosted its holdings in 89bio by 104.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 38,545 shares of the company’s stock valued at $431,000 after purchasing an additional 19,730 shares during the period. RTW Investments LP bought a new position in 89bio in the 4th quarter valued at $62,317,000. Westfield Capital Management Co. LP boosted its holdings in 89bio by 34.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,761,148 shares of the company’s stock valued at $19,672,000 after purchasing an additional 449,262 shares during the period. Monashee Investment Management LLC bought a new position in 89bio in the 4th quarter valued at $1,564,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of 89bio by 193.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock worth $7,550,000 after acquiring an additional 322,339 shares during 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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