89bio (NASDAQ:ETNB) Stock Price Up 9.6% – Here’s What Happened

Shares of 89bio, Inc. (NASDAQ:ETNB) rose 9.6% on Tuesday . The stock traded as high as $7.74 and last traded at $8.44. Approximately 374,800 shares changed hands during trading, a decline of 73% from the average daily volume of 1,376,980 shares. The stock had previously closed at $7.70.

Analysts Set New Price Targets

A number of research firms recently issued reports on ETNB. Wolfe Research initiated coverage on 89bio in a report on Tuesday, February 4th. They set an “outperform” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a report on Saturday, May 10th. Cantor Fitzgerald upgraded shares of 89bio to a “strong-buy” rating in a research note on Wednesday, April 30th. UBS Group increased their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, 89bio presently has a consensus rating of “Buy” and a consensus target price of $26.43.

89bio Stock Up 19.1%

The firm has a 50 day simple moving average of $7.25 and a two-hundred day simple moving average of $8.15. The stock has a market capitalization of $1.34 billion, a P/E ratio of -3.15 and a beta of 1.23. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

89bio (NASDAQ:ETNB) last released its earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.01. During the same period in the prior year, the firm posted ($0.54) earnings per share. On average, equities research analysts expect that 89bio, Inc. will post -3.19 earnings per share for the current year.

Insider Activity at 89bio

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the completion of the transaction, the insider now owns 328,323 shares of the company’s stock, valued at $1,953,521.85. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of 89bio

Several institutional investors have recently modified their holdings of the business. CWM LLC raised its position in 89bio by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock worth $43,000 after purchasing an additional 5,837 shares during the last quarter. Federated Hermes Inc. raised its position in shares of 89bio by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock worth $49,000 after acquiring an additional 4,236 shares during the last quarter. Quarry LP acquired a new position in shares of 89bio in the fourth quarter worth approximately $55,000. GAMMA Investing LLC boosted its holdings in 89bio by 4,898.7% in the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock valued at $56,000 after acquiring an additional 7,495 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in 89bio in the fourth quarter valued at approximately $86,000.

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.