Shares of 89bio, Inc. (NASDAQ:ETNB – Get Free Report) rose 7% on Thursday following a stronger than expected earnings report. The stock traded as high as $8.65 and last traded at $8.59. Approximately 66,871 shares were traded during trading, a decline of 96% from the average daily volume of 1,588,512 shares. The stock had previously closed at $8.03.
The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.08. The company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.38 million. The company’s quarterly revenue was up .0% compared to the same quarter last year.
Wall Street Analysts Forecast Growth
ETNB has been the topic of several analyst reports. UBS Group reduced their price objective on 89bio from $36.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, October 12th. Oppenheimer lowered 89bio from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 10th. HC Wainwright reissued a “buy” rating and issued a $35.00 target price on shares of 89bio in a report on Thursday, August 10th. Evercore ISI dropped their target price on 89bio from $49.00 to $29.00 in a report on Wednesday, October 11th. Finally, Cantor Fitzgerald dropped their target price on 89bio from $41.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, August 10th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.89.
Hedge Funds Weigh In On 89bio
Several hedge funds have recently made changes to their positions in the company. Rhumbline Advisers grew its holdings in shares of 89bio by 4.2% during the third quarter. Rhumbline Advisers now owns 81,473 shares of the company’s stock worth $1,258,000 after purchasing an additional 3,257 shares during the last quarter. Citigroup Inc. grew its holdings in shares of 89bio by 20.3% during the third quarter. Citigroup Inc. now owns 161,856 shares of the company’s stock worth $2,499,000 after purchasing an additional 27,294 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of 89bio by 93.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 51,400 shares of the company’s stock worth $794,000 after purchasing an additional 24,800 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its holdings in shares of 89bio by 18.2% during the third quarter. Campbell & CO Investment Adviser LLC now owns 15,037 shares of the company’s stock worth $232,000 after purchasing an additional 2,318 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 89bio by 193.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock worth $7,550,000 after purchasing an additional 322,339 shares during the last quarter.
89bio Stock Performance
The firm has a fifty day simple moving average of $12.25 and a 200-day simple moving average of $15.75. The company has a market cap of $576.67 million, a PE ratio of -3.62 and a beta of 0.87. The company has a quick ratio of 18.96, a current ratio of 18.96 and a debt-to-equity ratio of 0.06.
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.
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