89bio (NASDAQ:ETNB) Trading Up 5.8% – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB)’s stock price rose 5.8% during trading on Wednesday . The stock traded as high as $8.07 and last traded at $7.98. Approximately 607,647 shares changed hands during trading, a decline of 75% from the average daily volume of 2,434,915 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. The Goldman Sachs Group started coverage on 89bio in a report on Friday. They set a “neutral” rating and a $11.00 price objective on the stock. Citigroup started coverage on 89bio in a report on Thursday. They issued a “buy” rating and a $25.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. HC Wainwright reiterated a “buy” rating and issued a $21.00 price target (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. Finally, Wolfe Research began coverage on shares of 89bio in a research report on Tuesday, February 4th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, 89bio presently has an average rating of “Moderate Buy” and a consensus target price of $27.56.

89bio Stock Down 2.0 %

The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -2.81 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm’s 50 day simple moving average is $8.79 and its 200-day simple moving average is $8.45.

89bio (NASDAQ:ETNB) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (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 fiscal year.

Insider Transactions at 89bio

In other 89bio news, Director Ra Capital Management, L.P. bought 5,714,285 shares of 89bio stock in a transaction on Thursday, January 30th. The stock was bought at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares in the company, valued at approximately $1,764,196.17. This trade represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC increased its holdings in 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after buying an additional 13,961 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of 89bio in the 3rd quarter worth approximately $160,000. Charles Schwab Investment Management Inc. increased its stake in 89bio by 8.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock valued at $5,336,000 after purchasing an additional 53,932 shares in the last quarter. Algert Global LLC raised its holdings in 89bio by 103.4% during the third quarter. Algert Global LLC now owns 62,217 shares of the company’s stock worth $460,000 after purchasing an additional 31,630 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after purchasing an additional 686,673 shares in 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.