89bio (NASDAQ:ETNB) Trading Down 3.4%

89bio, Inc. (NASDAQ:ETNB)’s stock price dropped 3.4% during mid-day trading on Monday . The stock traded as low as $8.07 and last traded at $8.07. Approximately 81,007 shares were traded during trading, a decline of 93% from the average daily volume of 1,131,428 shares. The stock had previously closed at $8.35.

Wall Street Analysts Forecast Growth

ETNB has been the subject of several research analyst reports. Evercore ISI lowered their price target on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 15th. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Tuesday, June 11th. Bank of America reissued a “buy” rating and issued a $30.00 price objective on shares of 89bio in a research note on Monday, April 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, July 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.67.

89bio Stock Up 3.0 %

The company has a quick ratio of 15.03, a current ratio of 15.03 and a debt-to-equity ratio of 0.05. The firm has a market cap of $885.42 million, a P/E ratio of -4.48 and a beta of 1.10. The stock’s 50-day simple moving average is $8.34 and its 200 day simple moving average is $9.73.

89bio (NASDAQ:ETNB) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). During the same quarter last year, the company earned ($0.54) EPS. As a group, research analysts forecast that 89bio, Inc. will post -2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On 89bio

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Common Retirement Fund boosted its position in shares of 89bio by 4.8% during the 4th quarter. New York State Common Retirement Fund now owns 26,041 shares of the company’s stock worth $291,000 after purchasing an additional 1,190 shares in the last quarter. Teacher Retirement System of Texas increased its stake in 89bio by 9.0% in the 4th quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock valued at $176,000 after buying an additional 1,299 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in 89bio by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock valued at $165,000 after buying an additional 1,360 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after buying an additional 1,744 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. increased its stake in 89bio by 66.7% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 5,000 shares of the company’s stock valued at $58,000 after buying an additional 2,000 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.