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 EPS estimates for 89BIO in a report released on Thursday, August 7th. Leerink Partnrs analyst T. Smith now forecasts that the company will post earnings per share of $3.08 for the year, down from their previous estimate 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 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 period last year, the company posted ($0.48) EPS.

Several other brokerages also recently commented on ETNB. Cantor Fitzgerald upgraded shares of 89BIO to a "strong-buy" rating in a research report on Wednesday, April 30th. Royal Bank Of Canada decreased their price objective on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, 89BIO has a consensus rating of "Buy" and a consensus target price of $26.29.

89BIO Price Performance

Shares of ETNB stock traded up $0.02 on Monday, hitting $9.12. 394,390 shares of the stock traded hands, compared to its average volume of 2,087,240. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -2.53 and a beta of 1.28. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. The firm has a 50 day simple moving average of $9.92 and a two-hundred day simple moving average of $8.95. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 18.03.

Institutional Trading of 89BIO

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 89BIO by 2.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock valued at $400,000 after acquiring an additional 1,169 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of 89BIO by 12.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,743 shares of the company's stock worth $125,000 after buying an additional 1,422 shares in the last quarter. Comerica Bank grew its stake in shares of 89BIO by 0.6% in the 1st quarter. Comerica Bank now owns 258,123 shares of the company's stock worth $1,877,000 after buying an additional 1,540 shares in the last quarter. Algert Global LLC grew its stake in shares of 89BIO by 0.9% in the 1st quarter. Algert Global LLC now owns 186,991 shares of the company's stock worth $1,359,000 after buying an additional 1,584 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of 89BIO by 1.6% in the 2nd quarter. California State Teachers Retirement System now owns 105,654 shares of the company's stock worth $1,038,000 after buying an additional 1,677 shares in the last quarter.

Insider Transactions at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO 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 sale, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. The trade was a 3.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.60% 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.