American International Group Inc. acquired a new stake in 89bio, Inc. (NASDAQ:ETNB – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 29,754 shares of the company’s stock, valued at approximately $564,000.
Other hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in 89bio in the 1st quarter valued at approximately $30,000. Acadian Asset Management LLC purchased a new position in 89bio in the 1st quarter valued at approximately $34,000. Dark Forest Capital Management LP purchased a new position in 89bio in the 1st quarter valued at approximately $39,000. Rhumbline Advisers purchased a new position in 89bio in the 1st quarter valued at approximately $42,000. Finally, Mirabella Financial Services LLP purchased a new position in 89bio in the 1st quarter valued at approximately $43,000.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the company. Royal Bank of Canada dropped their price objective on 89bio from $27.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, November 9th. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of 89bio in a research report on Thursday, August 10th. UBS Group dropped their price target on 89bio from $36.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, October 12th. Evercore ISI dropped their price target on 89bio from $49.00 to $29.00 in a research report on Wednesday, October 11th. Finally, Oppenheimer downgraded 89bio from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.89.
89bio Price Performance
ETNB stock opened at $7.91 on Friday. 89bio, Inc. has a 52-week low of $6.57 and a 52-week high of $22.93. The stock’s fifty day simple moving average is $11.07 and its 200-day simple moving average is $15.41. The company has a quick ratio of 18.23, a current ratio of 18.23 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $598.31 million, a price-to-earnings ratio of -3.97 and a beta of 0.87.
89bio (NASDAQ:ETNB – Get Free Report) last posted 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 business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.38 million. The business’s revenue for the quarter was up .0% compared to the same quarter last year. Equities research analysts expect that 89bio, Inc. will post -2.09 EPS for the current year.
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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