89bio, Inc. (NASDAQ:ETNB – Get Free Report) was the target of a significant growth in short interest in the month of January. As of January 15th, there was short interest totalling 8,980,000 shares, a growth of 5.9% from the December 31st total of 8,480,000 shares. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is currently 6.7 days.
Hedge Funds Weigh In On 89bio
Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 89bio by 94.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,850 shares of the company’s stock worth $177,000 after acquiring an additional 7,692 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in 89bio by 7.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,644 shares of the company’s stock worth $510,000 after buying an additional 3,278 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in 89bio by 350.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company’s stock worth $1,021,000 after buying an additional 70,000 shares during the period. Arizona State Retirement System increased its position in 89bio by 39.5% during the fourth quarter. Arizona State Retirement System now owns 20,257 shares of the company’s stock valued at $226,000 after acquiring an additional 5,734 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of 89bio by 349.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock valued at $98,000 after acquiring an additional 6,802 shares during the period.
89bio Trading Down 4.9 %
Shares of ETNB stock opened at $10.19 on Wednesday. The stock’s 50-day moving average price is $10.30 and its 200-day moving average price is $12.31. 89bio has a 12-month low of $6.57 and a 12-month high of $22.93. The stock has a market capitalization of $949.77 million, a price-to-earnings ratio of -5.12 and a beta of 1.00. The company has a current ratio of 18.23, a quick ratio of 18.23 and a debt-to-equity ratio of 0.06.
89bio (NASDAQ:ETNB – Get Free Report) last issued its quarterly earnings data on Wednesday, November 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.08. The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.38 million. The firm’s revenue for the quarter was up .0% on a year-over-year basis. Equities research analysts predict that 89bio will post -2.07 EPS for the current fiscal year.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Royal Bank of Canada downgraded 89bio from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $24.00 to $15.00 in a research note on Friday, January 12th. Evercore ISI lowered their price target on shares of 89bio from $49.00 to $29.00 in a report on Wednesday, October 11th. HC Wainwright decreased their price objective on shares of 89bio from $35.00 to $32.00 and set a “buy” rating on the stock in a research report on Wednesday, December 20th. Oppenheimer cut shares of 89bio from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 10th. Finally, UBS Group cut their price target on 89bio from $36.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, October 12th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.56.
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. The company’s 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.