89BIO (NASDAQ:ETNB) Releases Earnings Results, Misses Estimates By $0.22 EPS

Key Points

• 89BIO reported a quarterly loss of ($0.71) earnings per share, missing analysts' estimates by ($0.22).
• Insider Quoc Le-Nguyen sold 10,461 shares at an average price of $11.02, reducing their stake in the company by 3.27%.
• Despite the earnings miss, analysts maintain a positive outlook with an average rating of "Buy" and a target price of $26.29 per share.

89BIO (NASDAQ:ETNB - Get Free Report) issued its earnings results on Thursday. The company reported ($0.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22), Zacks reports. During the same period in the prior year, the business earned ($0.48) earnings per share.

89BIO Trading Up 1.6%

NASDAQ ETNB opened at $9.16 on Friday. The firm has a market capitalization of $1.34 billion, a P/E ratio of -2.54 and a beta of 1.28. The business has a fifty day simple moving average of $10.00 and a 200 day simple moving average of $8.90. 89BIO has a 12 month low of $4.16 and a 12 month high of $11.84. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06.

Insider Buying and Selling

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ETNB. Goldman Sachs Group Inc. grew its stake in 89BIO by 23.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 995,449 shares of the company's stock valued at $7,237,000 after purchasing an additional 188,367 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in 89BIO by 50.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 268,798 shares of the company's stock valued at $1,954,000 after purchasing an additional 90,107 shares during the period. AQR Capital Management LLC bought a new position in 89BIO in the 1st quarter valued at $583,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 89BIO by 42.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,856 shares of the company's stock valued at $535,000 after purchasing an additional 21,702 shares during the period. Finally, Creative Planning bought a new position in 89BIO in the 2nd quarter valued at $137,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research report on Tuesday, July 29th. Royal Bank Of Canada lowered their target price on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald raised 89BIO to a "strong-buy" rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $26.29.

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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