89BIO (NASDAQ:ETNB) Price Target Cut to $11.00 by Analysts at Royal Bank Of Canada

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 - Get Free Report) had its price objective reduced by stock analysts at Royal Bank Of Canada from $12.00 to $11.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 22.36% from the company's previous close.

Several other brokerages have also recently weighed in on ETNB. Cantor Fitzgerald raised 89BIO to a "strong-buy" rating in a research note on Wednesday, April 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research report on Tuesday, July 29th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $26.29.

89BIO Trading Down 0.3%

Shares of ETNB stock traded down $0.03 during trading hours on Friday, reaching $8.99. 1,070,191 shares of the stock traded hands, compared to its average volume of 2,105,612. The company has a quick ratio of 18.03, a current ratio of 18.03 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.31 billion, a PE ratio of -2.66 and a beta of 1.28. The business has a fifty day moving average price of $10.02 and a 200 day moving average price of $8.89. 89BIO has a 1-year low of $4.16 and a 1-year high of $11.84.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same quarter last year, the company posted ($0.48) EPS. On average, equities research analysts forecast that 89BIO will post -3.19 EPS for the current year.

Insider Transactions at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares of the company's stock, valued at $3,409,191.28. The trade was a 3.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On 89BIO

Several institutional investors have recently added to or reduced their stakes in ETNB. CWM LLC increased its position in 89BIO by 9,265.1% during 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 period. Federated Hermes Inc. increased its position in 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 purchasing an additional 4,236 shares during the period. Quarry LP acquired a new position in 89BIO during the 4th quarter worth approximately $55,000. KBC Group NV acquired a new position in 89BIO during the 2nd quarter worth approximately $55,000. Finally, GAMMA Investing LLC increased its position in 89BIO by 4,898.7% during 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 period.

89BIO Company Profile

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.

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