89BIO's (ETNB) "Sell (D-)" Rating Reaffirmed at Weiss Ratings

Key Points

• 89BIO's stock received a "sell (D-)" rating from Weiss Ratings, indicating significant concerns about its performance.
• Other brokerages have downgraded 89BIO's ratings, with Raymond James and Wolfe Research reducing their recommendations recently.
• The company's average target price is $25.81, while its current stock price is around $14.82, reflecting investor skepticism amidst recent performance drops.

89BIO (NASDAQ:ETNB - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities researchers at Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

Several other brokerages have also recently commented on ETNB. Raymond James Financial cut 89BIO from a "strong-buy" rating to a "market perform" rating in a research report on Friday, September 19th. Wolfe Research cut 89BIO from an "outperform" rating to a "peer perform" rating in a research report on Friday, September 19th. HC Wainwright lowered 89BIO from a "buy" rating to a "neutral" rating and set a $14.50 price objective on the stock. in a research note on Friday, September 19th. Royal Bank Of Canada dropped their price objective 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. Finally, Zacks Research lowered 89BIO from a "hold" rating to a "strong sell" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $25.81.

89BIO Stock Up 0.1%

Shares of ETNB stock traded up $0.02 on Friday, hitting $14.82. 1,275,261 shares of the stock were exchanged, compared to its average volume of 2,824,516. 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 firm has a market capitalization of $2.20 billion, a P/E ratio of -4.10 and a beta of 1.27. The business has a 50-day moving average of $11.95 and a 200 day moving average of $9.93. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $15.06.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the previous year, the business earned ($0.48) earnings per share. Equities analysts anticipate that 89BIO will post -3.19 EPS for the current year.

Hedge Funds Weigh In On 89BIO

A number of large investors have recently made changes to their positions in the company. RA Capital Management L.P. increased its stake in shares of 89BIO by 40.3% during the first quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company's stock worth $144,598,000 after purchasing an additional 5,714,285 shares during the period. Vanguard Group Inc. increased its stake in shares of 89BIO by 25.8% during the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock worth $52,079,000 after purchasing an additional 1,471,278 shares during the period. Geode Capital Management LLC increased its stake in shares of 89BIO by 7.4% during the second quarter. Geode Capital Management LLC now owns 3,111,299 shares of the company's stock worth $30,558,000 after purchasing an additional 213,325 shares during the period. Holocene Advisors LP bought a new position in 89BIO during the 2nd quarter worth $30,102,000. Finally, Assenagon Asset Management S.A. increased its stake in 89BIO by 406.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,171,194 shares of the company's stock worth $21,321,000 after acquiring an additional 1,742,299 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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