89bio, Inc. (NASDAQ:ETNB – Get Free Report) traded down 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. 177,239 shares changed hands during trading, a decline of 84% from the average session volume of 1,100,741 shares. The stock had previously closed at $8.39.
Several other equities analysts have also recently commented on ETNB. Bank of America reiterated a “buy” rating and set a $30.00 target price on shares of 89bio in a research note on Monday, April 22nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Monday, July 1st. HC Wainwright reiterated a “buy” rating and set a $29.00 target price on shares of 89bio in a research note on Tuesday. Finally, Evercore ISI cut their target price 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. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and an average target price of $30.14.
Hedge Funds Weigh In On 89bio
Hedge funds have recently made changes to their positions in the business. RTW Investments LP bought a new stake in shares of 89bio in the 4th quarter worth about $62,317,000. Janus Henderson Group PLC grew its holdings in shares of 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $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 worth $45,209,000 after acquiring an additional 2,201,200 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new stake in 89bio during the 4th quarter worth about $22,340,000. Finally, RA Capital Management L.P. grew its holdings in 89bio by 11.8% during the 1st quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock worth $148,607,000 after acquiring an additional 1,350,000 shares during the last quarter.
89bio Trading Down 5.4 %
The business’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $9.59. The company has a current ratio of 15.03, a quick ratio of 15.03 and a debt-to-equity ratio of 0.05. The stock has a market cap of $781.17 million, a P/E ratio of -3.95 and a beta of 1.10.
89bio (NASDAQ:ETNB – Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter in the prior year, the business posted ($0.52) EPS. As a group, analysts expect 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.