89bio (NASDAQ:ETNB) was the recipient of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 136,000 shares, a decline of 82.4% from the June 30th total of 774,200 shares. Based on an average daily trading volume, of 92,100 shares, the short-interest ratio is currently 1.5 days. Approximately 1.1% of the company’s shares are sold short.
ETNB stock opened at $30.38 on Friday. The stock’s 50 day simple moving average is $27.94 and its 200 day simple moving average is $27.36. 89bio has a fifty-two week low of $14.00 and a fifty-two week high of $47.25.
89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.76) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.10. On average, equities research analysts forecast that 89bio will post -3.79 earnings per share for the current year.
In related news, major shareholder Longitude Capital Partners Iii purchased 109,090 shares of 89bio stock in a transaction on Friday, July 10th. The shares were purchased at an average price of $27.50 per share, for a total transaction of $2,999,975.00. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ra Capital Management, L.P. purchased 275,000 shares of 89bio stock in a transaction on Wednesday, July 8th. The stock was bought at an average price of $27.50 per share, for a total transaction of $7,562,500.00. The disclosure for this purchase can be found here. Insiders own 18.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. acquired a new position in 89bio during the 4th quarter worth approximately $25,000. Wells Fargo & Company MN raised its stake in 89bio by 998.7% during the 1st quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock worth $66,000 after buying an additional 2,387 shares during the period. UBS Group AG bought a new stake in 89bio during the 4th quarter worth approximately $163,000. Bank of New York Mellon Corp bought a new stake in 89bio during the 1st quarter worth approximately $246,000. Finally, Royal Bank of Canada increased its holdings in 89bio by 4.3% during the 1st quarter. Royal Bank of Canada now owns 19,941 shares of the company’s stock worth $503,000 after purchasing an additional 814 shares in the last quarter. 82.37% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded 89bio from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Friday. Piper Sandler started coverage on 89bio in a research note on Thursday. They issued an “overweight” rating and a $54.00 price objective on the stock. Chardan Capital started coverage on 89bio in a research note on Tuesday, July 7th. They issued a “buy” rating and a $58.00 price objective on the stock. Oppenheimer reissued a “buy” rating and issued a $60.00 price objective on shares of 89bio in a research note on Tuesday, May 19th. Finally, BTIG Research started coverage on 89bio in a research note on Thursday, July 23rd. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $47.00.
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, BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 that is being developed for the treatment of nonalcoholic steatohepatitis.
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