89bio, Inc. (NASDAQ:ETNB – Get Free Report)’s stock price dropped 6.4% during trading on Monday . The company traded as low as $6.88 and last traded at $6.98. Approximately 304,086 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,585,324 shares. The stock had previously closed at $7.46.
Wall Street Analysts Forecast Growth
ETNB has been the subject of several recent research reports. Royal Bank of Canada lowered their price target on shares of 89bio from $27.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, November 9th. Oppenheimer cut 89bio from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 10th. Evercore ISI lowered their price objective on 89bio from $49.00 to $29.00 in a research report on Wednesday, October 11th. Cantor Fitzgerald cut their target price on shares of 89bio from $41.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, August 10th. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 price objective on shares of 89bio in a research report on Thursday, August 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $32.89.
89bio Price Performance
89bio (NASDAQ:ETNB – Get Free Report) last issued its quarterly earnings data on Wednesday, November 8th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.08. The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.38 million. The business’s revenue was up .0% compared to the same quarter last year. Equities research analysts expect that 89bio, Inc. will post -2.13 EPS for the current year.
Institutional Investors Weigh In On 89bio
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in 89bio during the first quarter valued at $30,000. Acadian Asset Management LLC purchased a new position in 89bio during the 1st quarter valued at about $34,000. Dark Forest Capital Management LP bought a new stake in 89bio during the first quarter worth about $39,000. US Bancorp DE grew its holdings in 89bio by 132.5% in the second quarter. US Bancorp DE now owns 2,202 shares of the company’s stock worth $42,000 after purchasing an additional 1,255 shares during the period. Finally, Rhumbline Advisers bought a new position in shares of 89bio during the first quarter valued at approximately $42,000.
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. The company's 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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