89BIO (NASDAQ:ETNB) Downgraded by Wolfe Research to Peer Perform

Key Points

• 89BIO's stock received a "peer perform" rating from Wolfe Research, while Bank of America and Royal Bank of Canada adjusted their target prices to $29.00 and $11.00, respectively.
• The company reported a loss of ($0.71) earnings per share, missing the consensus estimate, and is projected to post -3.19 earnings per share for the current fiscal year.
• Investors like RA Capital Management and Vanguard Group have significantly increased their holdings in 89BIO, indicating positive institutional interest in the stock.

Wolfe Research lowered shares of 89BIO (NASDAQ:ETNB - Free Report) from an outperform rating to a peer perform rating in a research note issued to investors on Friday morning, MarketBeat reports.

Several other brokerages also recently weighed in on ETNB. Royal Bank Of Canada lowered their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research note on Friday, August 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a report on Saturday, September 13th. Bank of America dropped their price target on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday, August 25th. Finally, HC Wainwright began coverage on shares of 89BIO in a research note on Thursday, September 4th. They set a "buy" rating and a $32.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, 89BIO presently has an average rating of "Moderate Buy" and a consensus target price of $25.81.

89BIO Trading Down 0.4%

ETNB stock traded down $0.06 during mid-day trading on Friday, reaching $14.82. The company had a trading volume of 8,426,213 shares, compared to its average volume of 2,701,441. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The company has a market capitalization of $2.20 billion, a PE ratio of -4.10 and a beta of 1.27. The firm has a 50 day moving average of $9.59 and a 200 day moving average of $8.85. 89BIO has a 12 month low of $4.16 and a 12 month high of $15.06.

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

Insider Activity at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction 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 transaction, the insider directly owned 309,364 shares of the company's stock, valued at $3,409,191.28. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. grew its position in shares of 89BIO by 25.9% in the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock valued at $63,000 after buying an additional 1,330 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in 89BIO by 338.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,066 shares of the company's stock worth $138,000 after purchasing an additional 10,859 shares during the period. Holocene Advisors LP acquired a new stake in 89BIO during the 2nd quarter worth $30,102,000. Brevan Howard Capital Management LP acquired a new stake in 89BIO during the 2nd quarter worth $451,000. Finally, Bank of America Corp DE boosted its stake in 89BIO by 59.9% during the 2nd quarter. Bank of America Corp DE now owns 1,249,954 shares of the company's stock worth $12,275,000 after purchasing an additional 468,002 shares during the period.

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.