Short Interest in 89bio, Inc. (NASDAQ:ETNB) Declines By 7.1%

89bio, Inc. (NASDAQ:ETNB) saw a large drop in short interest in September. As of September 30th, there was short interest totalling 6,450,000 shares, a drop of 7.1% from the September 15th total of 6,940,000 shares. Based on an average trading volume of 616,600 shares, the days-to-cover ratio is currently 10.5 days.

Institutional Investors Weigh In On 89bio

Several hedge funds have recently modified their holdings of ETNB. Quest Partners LLC lifted its holdings in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in 89bio in the 2nd quarter worth about $66,000. Ameritas Investment Partners Inc. lifted its stake in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after acquiring an additional 1,744 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in 89bio in the 1st quarter worth about $124,000. Finally, Chicago Partners Investment Group LLC lifted its stake in 89bio by 43.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock worth $158,000 after acquiring an additional 4,673 shares in the last quarter.

89bio Price Performance

Shares of 89bio stock traded down $0.40 during trading on Thursday, hitting $8.21. The stock had a trading volume of 513,763 shares, compared to its average volume of 962,488. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92. The firm has a market cap of $807.73 million, a P/E ratio of -4.11 and a beta of 1.09. The business has a fifty day moving average of $8.15 and a two-hundred day moving average of $8.57. 89bio has a fifty-two week low of $6.57 and a fifty-two week high of $16.63.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same period last year, the business posted ($0.52) earnings per share. On average, sell-side analysts expect that 89bio will post -2.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ETNB shares. Raymond James lifted their target price on 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, August 6th. Royal Bank of Canada reduced their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.00.

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.