89bio (NASDAQ:ETNB) Shares Down 8.4% – Here’s Why

89bio, Inc. (NASDAQ:ETNB)’s stock price fell 8.4% on Tuesday . The company traded as low as $9.17 and last traded at $9.21. 185,480 shares were traded during mid-day trading, a decline of 80% from the average session volume of 936,192 shares. The stock had previously closed at $10.05.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ETNB. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a research report on Monday. Royal Bank of Canada reduced their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Finally, Raymond James cut their price target on 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Stock Down 1.9 %

The business has a fifty day moving average of $8.20 and a 200 day moving average of $8.42. The firm has a market cap of $928.64 million, a P/E ratio of -3.06 and a beta of 1.07. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETNB. Ameritas Investment Partners Inc. grew its holdings in shares of 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after buying an additional 1,744 shares in the last quarter. Quest Partners LLC grew its stake in shares of 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio in the second quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. lifted its position in shares of 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock worth $241,000 after purchasing an additional 5,319 shares during the last quarter.

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.