89bio Inc. (NASDAQ:ETNB) closed Monday at $12.29 per share, down from $12.47 a day earlier. While 89bio Inc. has underperformed by -1.44%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, ETNB rose by 14.33%, with highs and lows ranging from $12.95 to $2.00, whereas the simple moving average jumped by 109.28% in the last 200 days.
On May 12, 2022, Raymond James Upgraded 89bio Inc. (NASDAQ: ETNB) to Strong Buy. A report published by H.C. Wainwright on December 20, 2021, Initiated its previous ‘Buy’ rating for ETNB. Cantor Fitzgerald also rated ETNB shares as ‘Overweight’, setting a target price of $49 on the company’s shares in an initiating report dated October 26, 2021. BTIG Research Initiated an Buy rating on July 29, 2021, and assigned a price target of $60. Raymond James May 25, 2021d its ‘Strong Buy’ rating to ‘Outperform’ for ETNB, as published in its report on May 25, 2021. Cantor Fitzgerald’s report from April 21, 2021 suggests a price prediction of $58 for ETNB shares, giving the stock a ‘Overweight’ rating. Raymond James also rated the stock as ‘Strong Buy’.
Analysis of 89bio Inc. (ETNB)
There are several well-rounded types of analysis and research techniques that can be used to gain a clear view of 89bio Inc.’s future performance, with equity being one of the most critical indicators. The goal here is to ensure that your current return on equity of -89.90% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 5.80, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
As an indicator of volatility for any stock, average volume can also be very valuable, and ETNB is recording an average volume of 890.12K. On a monthly basis, the volatility of the stock is set at 8.26%, whereas on a weekly basis, it is put at 7.74%, with a gain of 17.05% over the past seven days. Furthermore, long-term investors anticipate a median target price of $24.38, showing growth from the present price of $12.29, which can serve as yet another indication of whether ETNB is worth investing in or should be passed over.
How Do You Analyze 89bio Inc. Shares?
Apart from looking at the fundamentals, you should also pay attention to the number of company employees who own shares. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.90%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 89.30% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in ETNB shares?
The recent increase in stakes in ETNB appears to be a result of several institutional investors and hedge funds increasing their positions. RA Capital Management LP’s position in ETNB has increased by 15.39% in the first quarter. The company now owns 8,980,743 shares of the stock, with a value of $114.32 million, following the purchase of 1,198,074 additional shares during the last quarter. BVF Partners LP made another decreased to its shares in ETNB during the first quarter, downing its stake by -19.35%.
At the end of the first quarter, Adage Capital Management LP increased its ETNB holdings by 104.55% and now holds 2.25 million ETNB shares valued at $28.64 million with the added 1.15 million shares during the period. ETNB shares are owned by institutional investors to the tune of 89.30% at present.