89bio (NASDAQ:ETNB) Trading Down 2.9%

89bio, Inc. (NASDAQ:ETNB) shares fell 2.9% on Monday . The company traded as low as $7.87 and last traded at $7.95. 11,528 shares were traded during trading, a decline of 99% from the average session volume of 990,290 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

Several brokerages recently weighed in on ETNB. Raymond James upped their target price on shares of 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a report on Tuesday, August 6th. Royal Bank of Canada cut their target price 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 reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a report on Friday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Tuesday, August 6th. Two equities research 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 stock. According to data from MarketBeat, 89bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.14.

89bio Trading Down 5.7 %

The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. The firm has a market cap of $759.52 million, a P/E ratio of -3.86 and a beta of 1.11. The stock has a 50 day simple moving average of $8.61 and a 200-day simple moving average of $9.13.

89bio (NASDAQ:ETNB) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter in the previous year, the company posted ($0.52) EPS. On average, equities research analysts expect that 89bio, Inc. will post -2.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. RTW Investments LP purchased a new position in 89bio during the fourth quarter worth $62,317,000. Janus Henderson Group PLC grew its holdings in 89bio by 41.4% during the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock valued at $146,646,000 after purchasing an additional 3,688,241 shares during the last quarter. BVF Inc. IL grew its holdings in 89bio by 119.2% during the 4th quarter. BVF Inc. IL now owns 4,047,354 shares of the company’s stock valued at $45,209,000 after purchasing an additional 2,201,200 shares during the last quarter. Frazier Life Sciences Management L.P. purchased a new stake in 89bio in the 4th quarter worth about $22,340,000. Finally, RA Capital Management L.P. lifted its stake in 89bio by 11.8% in the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock worth $148,607,000 after purchasing an additional 1,350,000 shares during the last quarter.

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.