89bio (NASDAQ:ETNB) Stock Price Down 5% on Analyst Downgrade

89bio, Inc. (NASDAQ:ETNB)’s share price dropped 5% during mid-day trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $13.00 to $12.00. Royal Bank of Canada currently has a sector perform rating on the stock. 89bio traded as low as $7.93 and last traded at $7.97. Approximately 177,239 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 1,100,741 shares. The stock had previously closed at $8.39.

A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, July 1st. Evercore ISI dropped their price objective on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Tuesday. Finally, Bank of America reissued a “buy” rating and set a $30.00 price objective on shares of 89bio in a research note on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and an average target price of $30.14.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd grew its stake in 89bio by 104.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 38,545 shares of the company’s stock worth $431,000 after acquiring an additional 19,730 shares during the period. RTW Investments LP purchased a new stake in 89bio in the 4th quarter worth approximately $62,317,000. Westfield Capital Management Co. LP grew its stake in 89bio by 34.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,761,148 shares of the company’s stock worth $19,672,000 after acquiring an additional 449,262 shares during the period. Monashee Investment Management LLC purchased a new stake in 89bio in the 4th quarter worth approximately $1,564,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of 89bio in the 1st quarter valued at $1,208,000.

89bio Stock Performance

The company has a market cap of $758.54 million, a price-to-earnings ratio of -3.84 and a beta of 1.10. The stock’s fifty day simple moving average is $8.41 and its two-hundred day simple moving average is $9.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.03 and a current ratio of 15.03.

89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter last year, the business posted ($0.52) earnings per share. Equities research analysts anticipate that 89bio, Inc. will post -2.42 EPS for the current year.

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. 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.