89bio (NASDAQ:ETNB) Stock Price Down 7.5%

89bio, Inc. (NASDAQ:ETNBGet Free Report) shares dropped 7.5% during mid-day trading on Thursday . The company traded as low as $12.30 and last traded at $12.31. Approximately 254,651 shares changed hands during trading, a decline of 81% from the average daily volume of 1,336,338 shares. The stock had previously closed at $13.31.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, March 4th. HC Wainwright lowered their price objective on shares of 89bio from $32.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Oppenheimer reissued a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Evercore ISI increased their price target on shares of 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, March 6th. Finally, Royal Bank of Canada decreased their price target 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. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.11.

Check Out Our Latest Stock Analysis on ETNB

89bio Trading Up 7.2 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -6.73 and a beta of 1.04. The company’s fifty day moving average price is $10.93 and its 200-day moving average price is $11.11.

89bio (NASDAQ:ETNBGet Free Report) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.01). On average, research analysts expect that 89bio, Inc. will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Rohan Palekar sold 4,477 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the transaction, the chief executive officer now owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Rohan Palekar sold 4,477 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the transaction, the chief executive officer now owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were purchased at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the purchase, the director now directly owns 12,431,584 shares in the company, valued at $190,824,814.40. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP grew its stake in shares of 89bio by 84.7% during the 2nd quarter. Marshall Wace LLP now owns 2,086,042 shares of the company’s stock worth $39,530,000 after purchasing an additional 956,571 shares during the period. Charles Schwab Investment Management Inc. grew its stake 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 purchasing an additional 322,339 shares during the period. Westfield Capital Management Co. LP grew its stake in shares of 89bio by 57.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock worth $20,256,000 after purchasing an additional 476,655 shares during the period. Eagle Asset Management Inc. lifted its position in shares of 89bio by 8.7% during the 3rd quarter. Eagle Asset Management Inc. now owns 712,898 shares of the company’s stock valued at $11,007,000 after buying an additional 57,092 shares in the last quarter. Finally, Alpine Global Management LLC purchased a new position in shares of 89bio during the 3rd quarter valued at approximately $159,000.

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. 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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