89bio, Inc. (NASDAQ:ETNB – Get Rating) was the recipient of a significant decrease in short interest during the month of December. As of December 30th, there was short interest totalling 4,430,000 shares, a decrease of 7.1% from the December 15th total of 4,770,000 shares. Based on an average trading volume of 911,000 shares, the days-to-cover ratio is presently 4.9 days.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $34.00 price objective (up previously from $27.00) on shares of 89bio in a report on Monday, November 14th. Royal Bank of Canada dropped their price objective on shares of 89bio from $35.00 to $29.00 and set an "outperform" rating for the company in a report on Friday, November 11th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $25.25.
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89bio Trading Down 1.1 %
NASDAQ:ETNB traded down $0.14 on Tuesday, reaching $12.15. 808,300 shares of the stock traded hands, compared to its average volume of 859,320. 89bio has a 1-year low of $2.00 and a 1-year high of $12.95. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.81 and a current ratio of 5.81. The company's 50 day moving average is $10.12 and its 200-day moving average is $7.34.
89bio (NASDAQ:ETNB – Get Rating) last announced its quarterly earnings data on Thursday, November 10th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.32. Research analysts expect that 89bio will post -2.65 earnings per share for the current fiscal year.
Insider Transactions at 89bio
In other news, CFO Ryan Martins sold 5,947 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $12.51, for a total value of $74,396.97. Following the completion of the transaction, the chief financial officer now owns 36,368 shares of the company's stock, valued at $454,963.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.80% of the company's stock.
Institutional Trading of 89bio
Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new stake in shares of 89bio during the 3rd quarter worth approximately $96,000. Captrust Financial Advisors acquired a new stake in 89bio in the 3rd quarter valued at $60,000. Jane Street Group LLC acquired a new stake in 89bio in the 3rd quarter valued at $115,000. State Street Corp grew its position in 89bio by 104.2% in the 3rd quarter. State Street Corp now owns 62,910 shares of the company's stock valued at $364,000 after purchasing an additional 32,100 shares during the period. Finally, Orchard Capital Management LLC grew its position in 89bio by 227.5% in the 3rd quarter. Orchard Capital Management LLC now owns 551,879 shares of the company's stock valued at $3,195,000 after purchasing an additional 383,386 shares during the period. Institutional investors and hedge funds own 87.78% of the company's stock.
About 89bio
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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.
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