89bio (NASDAQ:ETNB) Short Interest Update

89bio (NASDAQ:ETNB) saw a significant 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. Approximately 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 92,100 shares, the days-to-cover ratio is presently 1.5 days.

Shares of NASDAQ:ETNB opened at $30.38 on Friday. The business’s fifty day moving average price is $27.94 and its two-hundred day moving average price 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 announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.76) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.10. As a group, research analysts predict that 89bio will post -3.79 EPS for the current fiscal year.

In other news, Director Ra Capital Management, L.P. acquired 275,000 shares of the stock in a transaction dated Wednesday, July 8th. The shares were acquired at an average cost of $27.50 per share, for a total transaction of $7,562,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Longitude Capital Partners Iii acquired 109,090 shares of the stock in a transaction dated 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 disclosure for this purchase can be found here. 18.10% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in ETNB. Victory Capital Management Inc. bought a new stake in shares of 89bio during the fourth quarter worth $25,000. Wells Fargo & Company MN grew its holdings in shares of 89bio by 998.7% during the first quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock worth $66,000 after purchasing an additional 2,387 shares during the last quarter. UBS Group AG bought a new stake in shares of 89bio during the fourth quarter worth $163,000. Bank of New York Mellon Corp bought a new stake in shares of 89bio during the first quarter worth $246,000. Finally, Royal Bank of Canada grew its holdings in shares of 89bio by 4.3% during the first quarter. Royal Bank of Canada now owns 19,941 shares of the company’s stock worth $503,000 after purchasing an additional 814 shares during the last quarter. Institutional investors own 82.37% of the company’s stock.

A number of analysts have recently issued reports on ETNB shares. Chardan Capital started coverage on 89bio in a research report on Tuesday, July 7th. They set a “buy” rating and a $58.00 price objective on the stock. Zacks Investment Research upgraded 89bio from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Friday. BTIG Research started coverage on 89bio in a research report on Thursday, July 23rd. They set a “buy” rating on the stock. Oppenheimer restated a “buy” rating and set a $60.00 price objective on shares of 89bio in a research report on Tuesday, May 19th. Finally, Piper Sandler started coverage on 89bio in a research report on Thursday. They issued an “overweight” rating and a $54.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. 89bio has an average rating of “Buy” and a consensus price target of $47.00.

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, BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 that is being developed for the treatment of nonalcoholic steatohepatitis.

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