89bio (NASDAQ:ETNB) Stock Price Down 5.7% – Here’s Why

89bio, Inc. (NASDAQ:ETNB) shares were down 5.7% during mid-day trading on Tuesday . The stock traded as low as $8.78 and last traded at $8.63. Approximately 47,850 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,178,761 shares. The stock had previously closed at $9.15.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ETNB shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Wolfe Research began coverage on shares of 89bio in a research report on Tuesday, February 4th. They set an “outperform” rating on the stock. HC Wainwright restated a “buy” rating and issued a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. The Goldman Sachs Group started coverage on shares of 89bio in a research note on Friday, March 14th. They issued a “neutral” rating and a $11.00 target price for the company. Finally, Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $27.56.

89bio Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -2.76 and a beta of 1.17. The firm’s 50-day moving average price is $9.07 and its 200 day moving average price is $8.42.

89bio (NASDAQ:ETNB) last released its earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.42). On average, sell-side analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current year.

Insider Buying and Selling

In other news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were bought at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. This trade represents a 41.29 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Mcwherter purchased 5,000 shares of 89bio stock in a transaction dated Tuesday, January 21st. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $98,250. This represents a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by insiders.

Institutional Trading of 89bio

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its holdings in shares of 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock worth $49,000 after acquiring an additional 4,236 shares in the last quarter. Quarry LP bought a new stake in 89bio during the 4th quarter worth approximately $55,000. Kingswood Wealth Advisors LLC acquired a new stake in 89bio during the 4th quarter worth approximately $86,000. Hsbc Holdings PLC bought a new position in 89bio in the fourth quarter valued at approximately $87,000. Finally, Sandia Investment Management LP boosted its holdings in shares of 89bio by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after buying an additional 2,500 shares during the period.

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.