Short Interest in 89bio, Inc. (NASDAQ:ETNB) Grows By 38.3%

89bio, Inc. (NASDAQ:ETNB - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 15,230,000 shares, an increase of 38.3% from the March 15th total of 11,010,000 shares. Currently, 14.8% of the company's stock are short sold. Based on an average daily trading volume, of 2,540,000 shares, the days-to-cover ratio is presently 6.0 days.Insider Activity at 89bioIn other 89bio news, Director Charles Mcwherter acquired 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the acquisition, the director now owns 15,000 shares of the company's stock, valued at approximately $98,250. This trade represents a 50.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ra Capital Management, L.P. bought 5,714,285 shares of the business's stock in a transaction on Thursday, January 30th. The shares were bought at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares of the company's stock, valued at approximately $171,100,291.25. This represents a 41.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders. Institutional Inflows and OutflowsA number of hedge funds and other institutional investors have recently added to or reduced their stakes in ETNB. Federated Hermes Inc. lifted its position in shares of 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after buying an additional 4,236 shares during the period. Quarry LP bought a new position in shares of 89bio during the fourth quarter valued at $55,000. GAMMA Investing LLC boosted its stake in shares of 89bio by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock valued at $56,000 after purchasing an additional 7,495 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in shares of 89bio in the 4th quarter worth about $86,000. Finally, Sandia Investment Management LP increased its position in shares of 89bio by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after purchasing an additional 2,500 shares in the last quarter. 89bio Stock PerformanceShares of ETNB stock traded up $0.17 during mid-day trading on Friday, reaching $6.06. The stock had a trading volume of 1,019,996 shares, compared to its average volume of 1,307,820. 89bio has a one year low of $4.16 and a one year high of $11.84. The firm has a market cap of $884.66 million, a PE ratio of -2.08 and a beta of 1.25. The firm's 50 day simple moving average is $8.15 and its 200 day simple moving average is $8.19. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). On average, analysts forecast that 89bio will post -3.19 EPS for the current year. Wall Street Analysts Forecast GrowthETNB has been the topic of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on shares of 89bio in a research report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a report on Tuesday, April 8th. Wolfe Research began coverage on 89bio in a research note on Tuesday, February 4th. They issued an "outperform" rating on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $27.56.Read Our Latest Stock Analysis on ETNB89bio Company Profile (Get Free Report)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.Read MoreFive stocks we like better than 89bioNatural Gas Prices Continue To Rally, These Stocks Should Benefit3 Mid-Cap to Mega-Cap Stocks Have Announced Significant BuybacksWhat Does a Stock Split Mean? These 3 Stocks Have Huge Last 12 Months Shareholder YieldsHow the NYSE and NASDAQ are Different, Why That Matters to InvestorsProminent Hedge Fund Acquires Huge Stake in HPE: Is It a Buy Now?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in 89bio Right Now?Before you consider 89bio, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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