89BIO (NASDAQ:ETNB) Stock Rating Lowered by Zacks Research

Key Points

• 89BIO's stock rating was downgraded from "hold" to a "strong sell" by Zacks Research, with other analysts also lowering their ratings recently.
• The company's latest earnings report showed a loss of ($0.71) per share, missing expectations and highlighting ongoing financial challenges.
• 89BIO's stock performance reflects significant volatility, with a 1-year low of $4.16 and a high of $15.06, amidst various changes in analyst ratings and price targets.

89BIO (NASDAQ:ETNB - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

ETNB has been the topic of a number of other reports. Wolfe Research downgraded shares of 89BIO from an "outperform" rating to a "peer perform" rating in a research note on Friday, September 19th. HC Wainwright downgraded shares of 89BIO from a "buy" rating to a "neutral" rating and set a $14.50 price target on the stock. in a research note on Friday, September 19th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a research report on Wednesday, October 8th. Bank of America decreased their price target on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, August 25th. Finally, Raymond James Financial cut shares of 89BIO from a "strong-buy" rating to a "market perform" rating in a research report on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, 89BIO has an average rating of "Hold" and an average price target of $25.81.

89BIO Stock Performance

ETNB opened at $14.80 on Monday. The company's 50 day moving average is $11.73 and its 200-day moving average is $9.84. 89BIO has a 1-year low of $4.16 and a 1-year high of $15.06. 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 has a market cap of $2.19 billion, a P/E ratio of -4.10 and a beta of 1.27.

89BIO (NASDAQ:ETNB - Get Free Report) last posted 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 in the prior year, the business posted ($0.48) EPS. Equities research analysts predict that 89BIO will post -3.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. KBC Group NV acquired a new position in shares of 89BIO in the 2nd quarter worth approximately $55,000. CWM LLC lifted its position in shares of 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 period. Osaic Holdings Inc. lifted 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 worth $63,000 after purchasing an additional 1,330 shares during the period. AlphaQuest LLC lifted its position in shares of 89BIO by 213.8% in the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock worth $65,000 after purchasing an additional 4,506 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of 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 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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