89bio, Inc. (NASDAQ:ETNB – Get Free Report)’s stock price dropped 3.9% during trading on Tuesday . The company traded as low as $7.43 and last traded at $7.46. Approximately 117,204 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,163,145 shares. The stock had previously closed at $7.76.
Wall Street Analysts Forecast Growth
ETNB has been the topic of a number of research analyst reports. Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Bank of America reiterated a “buy” rating and issued a $30.00 target price on shares of 89bio in a research report on Monday, April 22nd. Evercore ISI decreased their target price on 89bio from $37.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 15th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Monday. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research report on Tuesday, June 11th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $28.14.
89bio Stock Performance
The stock has a market cap of $744.74 million, a P/E ratio of -3.72 and a beta of 1.10. The business has a 50 day moving average price of $8.52 and a 200 day moving average price of $10.04. The company has a quick ratio of 15.03, a current ratio of 15.03 and a debt-to-equity ratio of 0.05.
89bio (NASDAQ:ETNB – Get Free Report) last released its earnings results on Wednesday, May 15th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). During the same quarter in the previous year, the company earned ($0.54) earnings per share. As a group, sell-side analysts expect that 89bio, Inc. will post -2.42 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of ETNB. Wetzel Investment Advisors Inc. bought a new position in 89bio in the fourth quarter worth approximately $34,000. AJOVista LLC bought a new stake in 89bio during the 4th quarter valued at $42,000. Ameritas Investment Partners Inc. boosted its position in 89bio by 28.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after acquiring an additional 1,744 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of 89bio by 349.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock valued at $98,000 after purchasing an additional 6,802 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of 89bio during the 4th quarter valued at $117,000.
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. 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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