Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About ETNB Interactive Breakdown Better Bets vs. ETNB Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

89bio (ETNB)

Market Price (10/31/2025): $14.96 | Market Cap: $2.4 Bil
Sector: Health Care | Industry: Biotechnology

89bio (ETNB)

Market Price (10/31/2025): $14.96
Market Cap: $2.4 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%		 Trading close to highs
Dist 52W High is -0.8%		 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1  Weak multi-year price returns
3Y Excs Rtn is -7.0%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -466 Mil
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24%
3   High stock price volatility
Vol 12M is 115%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%
1 Trading close to highs
Dist 52W High is -0.8%
2 Weak multi-year price returns
3Y Excs Rtn is -7.0%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -466 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24%
6 High stock price volatility
Vol 12M is 115%

Market Valuation & Key Metrics

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ETNB Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
ETNB Return-7%-46%-3%-12%-30%90%-44%
Peers Return-15%-9%-6%-3%-3%-16%-43%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
ETNB Win Rate50%33%58%67%58%44% 
Peers Win Rate18%15%23%31%22%51% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
ETNB Max Drawdown-38%-54%-84%-48%-37%-38% 
Peers Max Drawdown-20%-13%-14%-15%-30%-27% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, APM, BBOT, GDTC, HIND.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventETNBS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-92.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven1239.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-60.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven154.7%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days

Compare to VRTX, APM, BBOT, GDTC, HIND


In The Past

89bio's stock fell -92.5% during the 2022 Inflation Shock from a high on 4/21/2021. A -92.5% loss requires a 1239.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About 89bio (ETNB)

Better Bets than 89bio (ETNB)

 ETNBBetter Performance than ETNB
MetricValueIndustry (Biotechnology)
Total Yield-19.2%ABBV (3.7%), AMGN (7.4%), GILD (7.0%), VRTX (3.4%), REGN (7.2%)
 ETNBBetter Performance than ETNB
MetricValueAll Other Sectors
Total Yield-19.2%NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)
 Best Bets In Health Care Sector
 ETNBRPRX HALO CPRX BMY LNTH PBH BIIB PFE EW ILMN
What You Pay           
P/E-5.215.314.112.315.414.014.013.612.811.812.4
P/EBIT-5.38.111.010.59.39.69.010.110.329.210.3
What You Get           
Rev Chg Q�7.7%40.8%19.4%2.8%-4.1%-6.6%2.8%10.3%11.9%-4.8%
Rev Chg LTM�3.0%35.0%28.5%1.3%5.7%0.6%4.8%13.5%9.1%-3.3%
Rev Chg 3Y Avg�0.8%35.5%49.9%1.0%34.3%0.8%-0.9%-12.4%3.0%-3.0%
FCF/Rev 3Y Avg�113.4%43.4%38.9%29.0%26.1%21.6%17.0%13.8%11.9%9.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

Trade Ideas

Select past ideas related to ETNB. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.1%16.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.6%2.6%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		14.2%14.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		15.2%15.2%-8.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.1%16.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.6%2.6%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		14.2%14.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		15.2%15.2%-8.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for 89bio

Financials

ETNBVRTXAPMBBOTGDTCHINDMedian
Name89bio Vertex P.Aptorum BridgeBi.CytoMed .Vyome  
Mkt Price14.84419.891.4712.002.155.588.79
Mkt Cap2.3107.8----55.1
Rev LTM011,419-0--0
Op Inc LTM-466-199--93---199
FCF LTM-4393,500--60---60
FCF 3Y Avg-2371,984----874
CFO LTM-4393,846--60---60
CFO 3Y Avg-2372,324----1,043

Growth & Margins

ETNBVRTXAPMBBOTGDTCHINDMedian
Name89bio Vertex P.Aptorum BridgeBi.CytoMed .Vyome  
Rev Chg LTM-10.5%----10.5%
Rev Chg 3Y Avg-11.0%----11.0%
Rev Chg Q-12.1%----12.1%
QoQ Delta Rev Chg LTM-2.9%----2.9%
Op Mgn LTM--1.7%-----1.7%
Op Mgn 3Y Avg-26.5%----26.5%
QoQ Delta Op Mgn LTM-2.0%----2.0%
CFO/Rev LTM-33.7%----33.7%
CFO/Rev 3Y Avg-22.5%----22.5%
FCF/Rev LTM-30.6%----30.6%
FCF/Rev 3Y Avg-19.2%----19.2%

Valuation

ETNBVRTXAPMBBOTGDTCHINDMedian
Name89bio Vertex P.Aptorum BridgeBi.CytoMed .Vyome  
Mkt Cap2.3107.8----55.1
P/S-9.4----9.4
P/EBIT-5.324.5----9.6
P/E-5.229.6----12.2
P/CFO-5.328.0----11.3
Total Yield-19.2%3.4%-----7.9%
Dividend Yield0.0%0.0%----0.0%
FCF Yield 3Y Avg-18.9%2.1%-----8.4%
D/E0.00.0----0.0
Net D/E-0.2-0.0-----0.1

Returns

ETNBVRTXAPMBBOTGDTCHINDMedian
Name89bio Vertex P.Aptorum BridgeBi.CytoMed .Vyome  
1M Rtn1.0%7.2%-27.2%3.6%8.0%7.7%5.4%
3M Rtn56.2%-8.1%-5.2%-14.4%-4.6%
6M Rtn82.5%-15.8%59.8%--6.5%-26.6%
12M Rtn85.7%-11.6%5.0%--3.4%-0.8%
3Y Rtn55.4%34.6%-76.8%---34.6%
1M Excs Rtn-0.6%2.2%-34.2%-1.9%5.3%-0.2%-0.4%
3M Excs Rtn52.6%-18.5%-2.1%-8.1%-3.0%
6M Excs Rtn60.8%-37.6%38.0%--28.3%-4.9%
12M Excs Rtn67.9%-29.0%-17.8%--33.2%--23.4%
3Y Excs Rtn-7.0%-41.0%-151.9%----41.0%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/8/20255/2/20252/27/202511/7/20248/5/20245/9/20243/1/202411/9/20238/9/20235/8/20233/15/202311/10/2022
Key Financials Quarterly            
Total Revenue000000000000
Ebitda-110-70-117-146-47-51-35-34-37-27-24-26
Operating Income-116-76-122-152-53-57-41-39-42-29-25-27
Net Income-112-71-118-149-48-52-40-35-38-29-25-27
EPS-0.71-0.49-1.02-1.39-0.48-0.54-0.50-0.45-0.52-0.54-0.48-0.57
Key Financials TTM            
Total Revenue TTM000000000000
Ebitda TTM-443-380-361-280-167-157-133-122-115-102-100-102
Operating Income TTM-466-403-385-304-191-180-151-135-123-106-102-103
Net Income TTM-450-387-367-289-175-165-142-127-119-105-102-104
Growth Rates Quarterly            
Total Revenue Growth------------
EBITDA Growth-133.4%-37.8%-229.4%-334.0%-25.2%-89.6%-47.7%-28.6%-52.4%-6.6%7.8%6.9%
Operating Income Growth-116.8%-32.5%-196.1%-286.2%-26.8%-100.8%-62.5%-45.5%-70.3%-13.6%3.3%4.2%
Net Income Growth-132.4%-37.9%-194.2%-329.3%-24.9%-79.2%-63.5%-29.5%-53.2%-12.8%6.4%5.4%
Margins Quarterly            
EBITDA Margin------------
Operating Income Margin------------
Net Income Margin------------
Cash & Debt            
Total Cash561639440424531562579448478481188193
Total Debt383838382727272525252120
Net Debt / (Cash)-524-601-402-386-504-535-552-423-453-456-168-173
Cash Flows Quarterly            
FCF from Operations-100-72-122-145-61-40-34-30-34-30-27-15
Cash Flows TTM            
FCF from Operations TTM-439-400-368-281-166-139-129-122-106-87-81-82
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-46.1%-33.7%-59.3%-87.1%-37.6%-47.3%-37.3%-39.0%-45.4%-34.2%-33.9%-40.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-46.3%-44.8%-46.7%-43.5%-33.7%-37.1%-34.2%-33.5%-33.1%-31.7%-34.1%-38.2%

Segment Financials

Operating Income by Segment

$ Mil20242023202220212020
Development and commercialization of innovative therapies for the treatment of liver and -102   
Total -102   


Assets by Segment
$ Mil20242023202220212020
Development and commercialization of innovative therapies for the treatment of liver and596 16221196
Total596 16221196


Price Behavior

ETNB Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta5.383.012.841.601.701.20
Up Beta0.07-0.791.001.211.381.21
Down Beta-5.610.880.601.751.631.25
Up Capture1108%632%501%352%485%169%
Bmk +ve Days13233574144420
Stock +ve Days7192963120354
Down Capture98%234%249%140%138%102%
Bmk -ve Days8192952107330
Stock -ve Days9182957125385

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity6,765,994
Short Interest: % Change Since 9302025-22.4%
Average Daily Volume3,514,010
Days-to-Cover Short Interest1.93
Basic Shares Quantity157,880,203
Short % of Basic Shares4.3%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/20251.6%0.9%-5.0%
2/27/2025-1.0%-10.8%-13.3%
11/7/20244.9%-12.1%-19.4%
8/5/2024-5.4%-6.8%4.9%
5/9/2024-4.4%-1.5%-7.0%
2/29/202410.0%13.5%-6.5%
11/9/2023-4.9%-5.2%22.8%
8/9/20233.3%1.1%4.5%
...
SUMMARY STATS   
# Positive1089
# Negative8109
Median Positive4.3%9.2%12.9%
Median Negative-4.6%-6.2%-7.0%
Max Positive18.0%66.9%29.3%
Max Negative-9.2%-12.1%-30.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025808202510-Q 6/30/2025
3312025502202510-Q 3/31/2025
12312024227202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024805202410-Q 6/30/2024
3312024509202410-Q 3/31/2024
12312023301202410-K 12/31/2023
93020231109202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023508202310-Q 3/31/2023
12312022315202310-K 12/31/2022
93020221110202210-Q 9/30/2022
6302022811202210-Q 6/30/2022
3312022512202210-Q 3/31/2022
12312021324202210-K 12/31/2021
93020211112202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Le-Nguyen QuocSee Remarks7172025Sell11.0210,461115,2803,409,191Form
1Le-Nguyen QuocSee Remarks4172025Sell5.9515,32991,2081,953,522Form
2RA CAPITAL MANAGEMENT, L.P.2032025Buy8.755,714,28549,999,994171,100,291Form
3McWherter Charles 1232025Buy6.555,00032,75098,250Form
4Le-Nguyen QuocSee Remarks1172025Sell6.4910,96371,1501,764,196Form

Industry Resources

External Quote Links


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