Royal Bank Of Canada Has Lowered Expectations for 89BIO (NASDAQ:ETNB) Stock Price

Key Points

• Royal Bank of Canada has lowered its price target for 89BIO from $12.00 to $11.00, with an indicative upside potential of 22.36% from the previous close.
• Despite the downgrade, 89BIO has an average rating of "Buy" among analysts, with a significantly higher average price target of $26.29.
• The company reported a loss of ($0.71) earnings per share for the last quarter, falling short of analysts' estimates by ($0.22).

89BIO (NASDAQ:ETNB - Free Report) had its price objective lowered by Royal Bank Of Canada from $12.00 to $11.00 in a research note published on Friday,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

ETNB has been the topic of several other reports. Cantor Fitzgerald raised 89BIO to a "strong-buy" rating in a research report on Wednesday, April 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research report on Tuesday, July 29th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $26.29.

89BIO Stock Up 1.1%

Shares of NASDAQ:ETNB traded up $0.10 during midday trading on Friday, hitting $8.87. 53,726 shares of the stock were exchanged, compared to its average volume of 2,093,975. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.03 and a current ratio of 18.03. 89BIO has a 52-week low of $4.16 and a 52-week high of $11.84. The business's fifty day simple moving average is $9.98 and its two-hundred day simple moving average is $8.94. The company has a market capitalization of $1.29 billion, a PE ratio of -2.47 and a beta of 1.28.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the prior year, the company posted ($0.48) earnings per share. As a group, research analysts predict that 89BIO will post -3.19 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the transaction, the insider owned 309,364 shares in the company, valued at approximately $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. CWM LLC raised its position in 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after purchasing an additional 5,837 shares during the last quarter. Federated Hermes Inc. raised its position in 89BIO by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP bought a new position in 89BIO in the 4th quarter worth approximately $55,000. KBC Group NV bought a new position in 89BIO in the 2nd quarter worth approximately $55,000. Finally, GAMMA Investing LLC raised its position in 89BIO by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after purchasing an additional 7,495 shares during the last quarter.

About 89BIO

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.