89bio (NASDAQ:ETNB) Trading Up 5.5%

89bio, Inc. (NASDAQ:ETNBGet Free Report)’s share price was up 5.5% during trading on Wednesday . The stock traded as high as $9.66 and last traded at $9.59. Approximately 49,789 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,137,678 shares. The stock had previously closed at $9.09.

Analyst Ratings Changes

Several equities research analysts have commented on ETNB shares. Royal Bank of Canada dropped their target price on 89bio from $15.00 to $14.00 and set a “sector perform” rating on the stock in a report on Friday, March 1st. HC Wainwright lowered their price target on 89bio from $31.00 to $29.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Bank of America reissued a “buy” rating and issued a $30.00 target price on shares of 89bio in a report on Monday, April 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a research note on Friday, April 5th. Finally, Evercore ISI lowered their price objective on 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.14.

Get Our Latest Stock Report on 89bio

89bio Price Performance

The firm has a fifty day simple moving average of $10.44 and a 200 day simple moving average of $10.04. The company has a market capitalization of $905.10 million, a PE ratio of -4.52 and a beta of 1.15. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 15.03.

89bio (NASDAQ:ETNBGet Free Report) last announced its earnings results on Thursday, May 9th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.08). During the same period in the previous year, the firm posted ($0.54) earnings per share. Equities analysts anticipate that 89bio, Inc. will post -2.22 EPS for the current year.

Insider Activity

In other news, CEO Rohan Palekar sold 4,477 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the transaction, the chief executive officer now owns 486,889 shares of the company’s stock, valued at approximately $5,238,925.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other 89bio news, CEO Rohan Palekar sold 4,477 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the sale, the chief executive officer now directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was acquired at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now directly owns 12,431,584 shares of the company’s stock, valued at approximately $190,824,814.40. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of 89bio by 193.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock worth $7,550,000 after buying an additional 322,339 shares during the period. abrdn plc acquired a new stake in shares of 89bio during the fourth quarter worth about $2,393,000. Westfield Capital Management Co. LP boosted its stake in shares of 89bio by 57.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock worth $20,256,000 after buying an additional 476,655 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of 89bio by 350.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company’s stock worth $1,021,000 after buying an additional 70,000 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of 89bio by 4.6% during the third quarter. Vanguard Group Inc. now owns 3,525,782 shares of the company’s stock worth $54,438,000 after buying an additional 155,841 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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