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

Key Points

• 89BIO's stock has been given a "sell (D-)" rating by Weiss Ratings, which has been reiterated by analysts.
• Recent price targets for the stock have been adjusted downwards by various analysts, with Royal Bank of Canada lowering its target from $12.00 to $11.00.
• The company reported a quarterly loss of ($0.71) earnings per share, missing expectations and indicating challenges in its financial performance.

89BIO (NASDAQ:ETNB - Get Free Report)'s stock had its "sell (d-)" rating restated by analysts at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.

Several other equities analysts also recently weighed in on ETNB. Royal Bank Of Canada cut their price target on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th. HC Wainwright started coverage on shares of 89BIO in a report on Thursday, September 4th. They issued a "buy" rating and a $32.00 price objective on the stock. Finally, Bank of America cut their price objective on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, 89BIO currently has an average rating of "Buy" and an average target price of $28.00.

89BIO Price Performance

NASDAQ ETNB opened at $8.02 on Friday. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -2.22 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The stock's fifty day moving average price is $9.44 and its 200 day moving average price is $8.72. 89BIO has a 1 year low of $4.16 and a 1 year high of $11.84.

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 the consensus estimate of ($0.49) by ($0.22). During the same quarter last year, the firm posted ($0.48) earnings per share. As a group, equities research analysts forecast that 89BIO will post -3.19 earnings per share for the current year.

Insider Activity

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the transaction, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. The trade was a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. KBC Group NV acquired a new position in shares of 89BIO in the second quarter worth about $55,000. CWM LLC raised its holdings in 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. boosted its position in 89BIO by 25.9% during the second quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock worth $63,000 after purchasing an additional 1,330 shares in the last quarter. AlphaQuest LLC boosted its position in 89BIO by 213.8% during the second quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock worth $65,000 after purchasing an additional 4,506 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in 89BIO by 4,898.7% in the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock valued at $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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