89bio Inc (NASDAQ: ETNB) Defies Bearish Expectations and Displays Strong Future Potential

In the last trading session, 1.61 million 89bio Inc (NASDAQ:ETNB) shares changed hands as the company’s beta touched 0.89. With the company’s per share price at $9.38 changed hands at $0.93 or 11.01% during last session, the market valuation stood at $851.42M. ETNB’s last price was a discount, traded about -144.46% off its 52-week high of $22.93. The share price had its 52-week low at $6.57, which suggests the last value was 29.96% up since then. When we look at 89bio Inc’s average trading volume, we note the 10-day average is 1.58 million shares, with the 3-month average coming to 1.18.

89bio Inc (NASDAQ:ETNB) trade information

Instantly ETNB was in green as seen at the end of in last trading. With action -4.29%, the performance over the past five days has been red. The jump to weekly highs of 9.40 added 11.01% to the stock’s daily price. The company’s shares are showing year-to-date downside of -16.03%, with the 5-day performance at -4.29% in the red. However, in the 30-day time frame, 89bio Inc (NASDAQ:ETNB) is -16.03% down. Looking at the short shares, we see there were 9.63 million shares sold at short interest cover period of 9.31 days.

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89bio Inc (ETNB) estimates and forecasts

Data shows that the 89bio Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -43.60% over the past 6 months, a 29.35% in annual growth rate that is considerably higher than the industry average of 15.50%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -25.73%. The 2024 estimates are for 89bio Inc earnings to increase by 30.62%, but the outlook for the next 5-year period is at 11.00% per year.

ETNB Dividends

89bio Inc is expected to release its next quarterly earnings report between March 08 and March 12.

89bio Inc (NASDAQ:ETNB)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.58% of 89bio Inc shares while 85.59% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 86.09%. There are 85.59% institutions holding the 89bio Inc stock share, with RA Capital Management, L.P. the top institutional holder. As of Jun 29, 2023, the company held 15.13% of the shares, roughly 11.42 million ETNB shares worth $216.35 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 6.16% or 4.65 million shares worth $88.12 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF and Vanguard Total Stock Market Index Fund. With 3.39 million shares estimated at $58.03 million under it, the former controlled 4.49% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.41% of the shares, roughly 1.82 million shares worth around $34.42 million.

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