RA Capital Management LP recently announced the acquisition of new stake in 89bio Inc. (NASDAQ:ETNB). The institutional investor has increased its shareholding in the Healthcare company by 27.49% to 11.42 million shares with purchase of 2.46 million shares. This fresh investment now brings its stake to 16.51% valued currently at $182.44 million. In addition, Deep Track Capital LP raised its holdings by 1.21 million to 3.85 million shares.
With over 1.41 million 89bio Inc. (ETNB) shares trading Tuesday and a closing price of $16.85 on the day, the dollar volume was approximately $23.73 million. The shares have shown a positive half year performance of 97.77% and its price on 05/23/23 lost nearly -2.71%. Currently, there are 53.17M common shares owned by the public and among those 46.17M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for ETNB have a consensus price objective of $35.13. The analysts have set the share’s price value over the next 12 months at a high of $50.00 and a low of $25.00. The average price target is 52.02% above its recent price level and an upside to the estimated low will see the stock gain 32.6% over that period. But an upside of 66.3% will see the stock hit the forecast high price target while median target price for the stock is $33.50.
Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 6,991,381 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 124,614 shares.
The top 3 mutual fund holders in 89bio Inc. are SPDR S&P Biotech ETF, Vanguard Total Stock Market ETF, and Federated Hermes Kaufmann Small C. SPDR S&P Biotech ETF owns 2.75 million shares of the company’s stock, all valued at over $43.98 million. The company bought an additional 48180.0 shares recently to bring their total holdings to about 3.98% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.71 million shares to see its total holdings expand to 1.82 million shares valued at over $29.02 million and representing 2.63% of the shares outstanding. Federated Hermes Kaufmann Small C bought 1.17 million shares to bring its total holdings to over 1.17 million shares at a value of $18.65 million. Federated Hermes Kaufmann Small C now owns shares totaling to 1.69% of the shares outstanding.
Shares of 89bio Inc. (NASDAQ: ETNB) opened at $17.45, up $0.13 from a prior closing price of $17.32. However, the script later moved the day high at 18.92, down -2.71%. The company’s stock has a 5-day price change of -4.64% and 23.17% over the past three months. ETNB shares are trading 32.36% year to date (YTD), with the 12-month market performance up to 440.06% higher. It has a 12-month low price of $2.52 and touched a high of $18.88 over the same period. ETNB has an average intraday trading volume of 2.23 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.15%, 7.50%, and 57.07% respectively.
Institutional ownership of 89bio Inc. (NASDAQ: ETNB) shares accounts for 89.30% of the company’s 53.17M shares outstanding. Mutual fund holders own 30.55%, while other institutional holders and individual stakeholders account for 56.53% and 17.64% respectively.
It has a market capitalization of $1.22B and a beta (3y monthly) value of 0.76. The earnings-per-share (ttm) stands at -$2.82. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.87% over the week and 6.38% over the month.
Analysts forecast that 89bio Inc. (ETNB) will achieve an EPS of -$0.41 for the current quarter, -$0.43 for the next quarter and -$2.49 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.44 while analysts give the company a high EPS estimate of -$0.38. Comparatively, EPS for the current quarter was -$1.23 a year ago. Earnings per share for the fiscal year are expected to increase by 34.60%, and -31.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate 89bio Inc. (ETNB) as a “Strong Buy” at a consensus score of 1.40. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 0 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
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