Cantor Fitzgerald Upgrades 89bio (NASDAQ:ETNB) to "Strong-Buy"

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

Several other analysts have also issued reports on ETNB. Wolfe Research began coverage on 89bio in a research note on Tuesday, February 4th. They issued an "outperform" rating for the company. 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 report on Friday, February 28th. UBS Group upped their price target on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of 89bio in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group started coverage on 89bio in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, 89bio presently has an average rating of "Buy" and a consensus target price of $27.25.

89bio Price Performance

Shares of NASDAQ ETNB traded down $0.35 during midday trading on Wednesday, hitting $8.26. 611,522 shares of the company's stock were exchanged, compared to its average volume of 1,340,541. 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 business's fifty day moving average price is $7.37 and its two-hundred day moving average price is $8.17. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -2.88 and a beta of 1.23. 89bio has a 12-month low of $4.16 and a 12-month high of $11.84.

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

Insider Activity at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the sale, the insider now directly owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. The trade was a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89bio

Hedge funds have recently made changes to their positions in the company. CWM LLC raised its holdings in 89bio by 9,265.1% in the first quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after purchasing an additional 5,837 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after acquiring an additional 4,236 shares in the last quarter. Quarry LP bought a new stake in 89bio during the fourth quarter worth about $55,000. GAMMA Investing LLC boosted its stake in 89bio by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after acquiring an additional 7,495 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new stake in 89bio in the fourth quarter worth about $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.