89bio (NASDAQ:ETNB) Stock Rating Upgraded by Cantor Fitzgerald

89bio (NASDAQ:ETNB - Get Free Report) was upgraded by equities research analysts at Cantor Fitzgerald to a "strong-buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports. Cantor Fitzgerald also issued estimates for 89bio's FY2025 earnings at ($3.35) EPS.

A number of other equities analysts also recently weighed in on ETNB. UBS Group boosted their target price on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. Wolfe Research began coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an "outperform" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of 89bio in a report on Thursday, April 24th. Citigroup assumed coverage on 89bio in a research note on Thursday, March 13th. They issued a "buy" rating and a $25.00 target price on the stock. Finally, HC Wainwright reiterated a "buy" rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $27.25.

89bio Trading Down 1.4 %

NASDAQ ETNB traded down $0.12 during trading hours on Wednesday, hitting $8.61. 1,417,257 shares of the company's stock were exchanged, compared to its average volume of 1,342,839. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -2.96 and a beta of 1.23. 89bio has a 1-year low of $4.16 and a 1-year high of $11.84. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a 50-day simple moving average of $7.38 and a 200 day simple moving average of $8.17.

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

Insiders Place Their Bets

In related news, insider Quoc Le-Nguyen sold 15,329 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the completion of the sale, the insider now owns 328,323 shares in the company, valued at $1,953,521.85. The trade was a 4.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On 89bio

A number of hedge funds and other institutional investors have recently modified their holdings of ETNB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 89bio by 2.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock valued at $400,000 after purchasing an additional 1,169 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of 89bio by 11.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after acquiring an additional 1,437 shares during the period. Sandia Investment Management LP raised its stake in shares of 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after acquiring an additional 2,500 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of 89bio by 24.3% during the fourth quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock worth $128,000 after purchasing an additional 3,200 shares during the period. Finally, Arizona State Retirement System raised its position in 89bio by 15.8% during the 4th quarter. Arizona State Retirement System now owns 23,817 shares of the company's stock valued at $186,000 after purchasing an additional 3,252 shares during the last quarter.

About 89bio

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.