89bio (NASDAQ:ETNB) Sees Large Volume Increase – Here’s Why

89bio, Inc. (NASDAQ:ETNB) shares saw strong trading volume on Wednesday . 1,118,186 shares traded hands during trading, an increase of 19% from the previous session’s volume of 940,448 shares.The stock last traded at $9.52 and had previously closed at $9.05.

Analyst Ratings Changes

Several brokerages recently issued reports on ETNB. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Royal Bank of Canada lowered their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th. Finally, Raymond James cut their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Trading Down 1.9 %

The firm has a market cap of $928.64 million, a price-to-earnings ratio of -3.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The company has a 50 day moving average price of $8.20 and a 200 day moving average price of $8.42.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. boosted its position in shares of 89bio by 28.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after purchasing an additional 1,744 shares during the period. Quest Partners LLC boosted its position in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after buying an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio during the 2nd quarter valued at about $66,000. China Universal Asset Management Co. Ltd. grew its position in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after acquiring an additional 8,810 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock worth $241,000 after purchasing an additional 5,319 shares during the period.

About 89bio

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; and for the treatment of severe hypertriglyceridemia.