FY2029 Earnings Estimate for 89BIO Issued By Leerink Partnrs

Key Points

• Leerink Partners has reduced its FY2029 earnings estimate for 89BIO from $3.30 to $3.08 per share, while the current consensus estimate stands at a loss of ($3.19) per share.
• In its latest quarterly report, 89BIO missed earnings expectations by reporting a loss of ($0.71) per share, compared to the consensus estimate of ($0.49).
• The stock currently has an average rating of "Buy" with a price target of $26.29, despite mixed analyst ratings and a recent price target decrease by Royal Bank of Canada.

89BIO (NASDAQ:ETNB - Free Report) - Stock analysts at Leerink Partnrs cut their FY2029 earnings estimates for shares of 89BIO in a report released on Thursday, August 7th. Leerink Partnrs analyst T. Smith now forecasts that the company will post earnings of $3.08 per share for the year, down from their previous forecast of $3.30. The consensus estimate for 89BIO's current full-year earnings is ($3.19) per share.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data 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 period in the prior year, the business posted ($0.48) EPS.

A number of other research analysts have also commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a research note on Tuesday, July 29th. Cantor Fitzgerald upgraded shares of 89BIO to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Royal Bank Of Canada decreased their price target on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research note on Friday. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $26.29.

89BIO Stock Up 1.6%

89BIO stock opened at $9.16 on Monday. The firm has a market capitalization of $1.34 billion, a PE ratio of -2.54 and a beta of 1.28. The company's 50-day moving average is $10.00 and its 200-day moving average is $8.93. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $11.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.03 and a quick ratio of 18.03.

Institutional Trading of 89BIO

A number of institutional investors and hedge funds have recently made changes to their positions in ETNB. CWM LLC lifted its holdings in shares of 89BIO by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after acquiring an additional 5,837 shares during the period. Federated Hermes Inc. lifted its stake in 89BIO by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP bought a new position in 89BIO in the 4th quarter valued at approximately $55,000. KBC Group NV bought a new position in 89BIO in the 2nd quarter valued at approximately $55,000. Finally, GAMMA Investing LLC lifted its stake in 89BIO by 4,898.7% in the 1st 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 last quarter.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the sale, the insider owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.80% of the company's stock.

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.

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