Wolfe Research Downgrades 89BIO (NASDAQ:ETNB) 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.

89BIO (NASDAQ:ETNB - Get Free Report) was downgraded by analysts at Wolfe Research from an "outperform" rating to a "peer perform" rating in a report issued on Friday, MarketBeat Ratings reports.

ETNB has been the subject of a number of other reports. Bank of America lowered their price target on 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a report on Monday, August 25th. Royal Bank Of Canada decreased their target price on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research note on Friday, August 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research note on Saturday, September 13th. Finally, HC Wainwright began coverage on 89BIO in a research note on Thursday, September 4th. They set a "buy" rating and a $32.00 target price on the stock. One research 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.81.

89BIO Price Performance

ETNB stock traded down $0.03 during midday trading on Friday, reaching $14.94. The stock had a trading volume of 10,560,912 shares, compared to its average volume of 2,502,142. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The company's fifty day simple moving average is $9.44 and its 200 day simple moving average is $8.75. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -4.14 and a beta of 1.27. 89BIO has a 52-week low of $4.16 and a 52-week high of $15.06.

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

Insider Transactions at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total value of $115,280.22. Following the sale, the insider 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 document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89BIO

Several hedge funds and other institutional investors have recently made changes to their positions in ETNB. CWM LLC raised its position in shares of 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 acquiring an additional 5,837 shares in the last quarter. KBC Group NV acquired a new stake in shares of 89BIO during the 2nd quarter worth about $55,000. GAMMA Investing LLC raised its position in shares of 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 acquiring an additional 7,495 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of 89BIO by 25.9% during the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock worth $63,000 after acquiring an additional 1,330 shares in the last quarter. Finally, AlphaQuest LLC raised its position in shares of 89BIO by 213.8% during the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock worth $65,000 after acquiring an additional 4,506 shares in 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.