89bio (NASDAQ:ETNB) Shares Down 3%

89bio, Inc. (NASDAQ:ETNB) fell 3% on Monday . The stock traded as low as $7.64 and last traded at $7.67. 522,595 shares were traded during mid-day trading, a decline of 67% from the average session volume of 1,584,088 shares. The stock had previously closed at $7.91.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ETNB. Evercore ISI dropped their target price on 89bio from $49.00 to $29.00 in a report on Wednesday, October 11th. Royal Bank of Canada decreased their price objective on shares of 89bio from $27.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, November 9th. HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of 89bio in a research note on Thursday, August 10th. Cantor Fitzgerald cut their price objective on shares of 89bio from $41.00 to $39.00 and set an “overweight” rating for the company in a research report on Thursday, August 10th. Finally, Oppenheimer cut 89bio from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 10th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.89.

89bio Price Performance

The company has a market capitalization of $579.39 million, a P/E ratio of -3.97 and a beta of 0.87. The company has a quick ratio of 18.23, a current ratio of 18.23 and a debt-to-equity ratio of 0.06. The company’s fifty day moving average price is $11.07 and its 200 day moving average price is $15.40.

89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Wednesday, November 8th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.08. The company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.38 million. The firm’s revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts forecast that 89bio, Inc. will post -2.09 EPS for the current year.

Hedge Funds Weigh In On 89bio

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in 89bio by 33.9% during the 1st quarter. JPMorgan Chase & Co. now owns 249,752 shares of the company’s stock worth $941,000 after buying an additional 63,280 shares during the period. Acadian Asset Management LLC acquired a new position in shares of 89bio in the 1st quarter worth approximately $34,000. Rhumbline Advisers bought a new position in 89bio during the first quarter worth $42,000. BlackRock Inc. lifted its stake in shares of 89bio by 8.3% in the 1st quarter. BlackRock Inc. now owns 922,230 shares of the company’s stock valued at $3,476,000 after purchasing an additional 70,489 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of 89bio during the 1st quarter worth approximately $178,000.

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. 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.