Weiss Ratings Reaffirms "Sell (D-)" Rating for 89bio (NASDAQ:ETNB)

Weiss Ratings restated their sell (d-) rating on shares of 89bio (NASDAQ:ETNB - Free Report) in a research report released on Saturday, May 24th,Weiss Ratings reports.

A number of other equities research analysts have also recently commented on ETNB. The Goldman Sachs Group started coverage on shares of 89bio in a research note on Friday, March 14th. They set a "neutral" rating and a $11.00 target price on the stock. UBS Group raised their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. HC Wainwright restated a "buy" rating and set a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Cantor Fitzgerald upgraded shares of 89bio to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Wolfe Research started coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an "outperform" rating on the stock. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $26.43.

89bio Stock Performance

Shares of ETNB traded up $0.14 on Friday, reaching $9.95. The company's stock had a trading volume of 2,370,367 shares, compared to its average volume of 1,440,629. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The stock has a market capitalization of $1.45 billion, a P/E ratio of -3.42 and a beta of 1.23. The stock's 50 day simple moving average is $7.42 and its two-hundred day simple moving average is $8.15. 89bio has a 12-month low of $4.16 and a 12-month high of $11.84.

89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.01. During the same quarter in the previous year, the company posted ($0.54) earnings per share. Research analysts forecast that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the sale, the insider now owns 328,323 shares in the company, valued at $1,953,521.85. This trade represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On 89bio

Institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC raised its position in shares of 89bio by 9,265.1% during the first quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after buying an additional 5,837 shares during the last quarter. Federated Hermes Inc. increased its position in 89bio by 206.9% in the fourth 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 last quarter. Quarry LP bought a new stake in 89bio in the fourth quarter worth $55,000. GAMMA Investing LLC increased its position in 89bio by 4,898.7% in the first 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 last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in 89bio in the fourth quarter worth $86,000.

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.