89bio, Inc. (NASDAQ:ETNB) Short Interest Up 20.5% in April


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89bio, Inc. (NASDAQ:ETNB) was the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 1,350,000 shares, an increase of 20.5% from the March 31st total of 1,120,000 shares. Based on an average trading volume of 0 shares, the short-interest ratio is presently ? days.

ETNB has been the subject of several analyst reports. SVB Leerink upped their target price on 89bio from $56.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, March 29th. Chardan Capital upped their target price on 89bio from $92.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, March 25th. They noted that the move was a valuation call. Oppenheimer reaffirmed a “buy” rating and issued a $60.00 target price on shares of 89bio in a research report on Thursday, March 18th. Zacks Investment Research raised 89bio from a “sell” rating to a “hold” rating in a research report on Tuesday, March 9th. Finally, Cantor Fitzgerald initiated coverage on 89bio in a research report on Tuesday, April 27th. They issued an “overweight” rating and a $58.00 target price for the company. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. 89bio currently has a consensus rating of “Buy” and an average price target of $58.11.

In other 89bio news, insider Ram Waisbourd sold 7,000 shares of the business’s stock in a transaction dated Friday, April 16th. The stock was sold at an average price of $24.22, for a total transaction of $169,540.00. Following the completion of the sale, the insider now owns 7,000 shares of the company’s stock, valued at $169,540. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ryan Martins sold 10,000 shares of the business’s stock in a transaction dated Monday, April 19th. The shares were sold at an average price of $25.00, for a total value of $250,000.00. Following the sale, the chief financial officer now directly owns 17,500 shares of the company’s stock, valued at approximately $437,500. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,850 shares of company stock valued at $612,400. 18.10% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Chicago Partners Investment Group LLC acquired a new stake in 89bio during the first quarter valued at approximately $225,000. JPMorgan Chase & Co. raised its stake in 89bio by 33.0% during the fourth quarter. JPMorgan Chase & Co. now owns 238,415 shares of the company’s stock valued at $5,810,000 after buying an additional 59,185 shares in the last quarter. Silverarc Capital Management LLC acquired a new stake in 89bio during the fourth quarter valued at approximately $1,072,000. Squarepoint Ops LLC raised its stake in 89bio by 44.1% during the fourth quarter. Squarepoint Ops LLC now owns 40,070 shares of the company’s stock valued at $977,000 after buying an additional 12,266 shares in the last quarter. Finally, Glenmede Trust Co. NA acquired a new stake in 89bio during the fourth quarter valued at approximately $552,000. Hedge funds and other institutional investors own 80.63% of the company’s stock.

Shares of NASDAQ:ETNB traded down $0.49 during trading on Tuesday, hitting $24.97. The company’s stock had a trading volume of 3,711 shares, compared to its average volume of 141,311. 89bio has a fifty-two week low of $18.01 and a fifty-two week high of $42.36. The stock’s 50-day moving average price is $25.06 and its two-hundred day moving average price is $24.52. The company has a market capitalization of $500.27 million and a PE ratio of -5.00.

89bio (NASDAQ:ETNB) last released its quarterly earnings results on Tuesday, March 23rd. The company reported ($0.63) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.87) by $0.24. Equities research analysts forecast that 89bio will post -3.08 EPS for the current year.

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. Its lead product candidate is BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis.

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