89BIO (NASDAQ:ETNB) Downgraded by HC Wainwright to "Neutral"

Key Points

• HC Wainwright has reaffirmed a neutral rating for 89BIO (NASDAQ:ETNB) with a target price of $14.50, suggesting a potential downside of 3.07% from the stock's previous close.
• Recent ratings from other analysts show a mixed sentiment, with Weiss Ratings issuing a "sell" rating and Bank of America and Royal Bank of Canada adjusting their target prices downwards.
• 89BIO's shares have experienced significant growth, up 85.1%, with a current price range of $4.16 to $15.06 over the past year.

89BIO (NASDAQ:ETNB - Get Free Report) was downgraded by equities research analysts at HC Wainwright from a "buy" rating to a "neutral" rating in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $14.50 price objective on the stock. HC Wainwright's price objective points to a potential downside of 2.13% from the stock's previous close.

A number of other equities analysts have also recently issued reports on the company. Bank of America cut their price target on 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, August 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, September 13th. Wolfe Research lowered 89BIO from an "outperform" rating to a "peer perform" rating in a research report on Friday. Finally, Royal Bank Of Canada dropped their price target on 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $25.81.

89BIO Trading Down 0.4%

NASDAQ:ETNB traded down $0.06 on Friday, reaching $14.82. 8,426,213 shares of the stock traded hands, compared to its average volume of 2,701,441. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -4.10 and a beta of 1.27. The company's 50 day moving average is $9.59 and its 200-day moving average is $8.85. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. 89BIO has a 1-year low of $4.16 and a 1-year high of $15.06.

89BIO (NASDAQ:ETNB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same quarter last year, the business earned ($0.48) EPS. Equities research analysts anticipate that 89BIO will post -3.19 EPS for the current fiscal year.

Insider Transactions at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the sale, the insider owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. This trade represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On 89BIO

Several institutional investors have recently added to or reduced their stakes in the company. CWM LLC raised its holdings in 89BIO by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after buying an additional 5,837 shares during the period. KBC Group NV purchased a new position in 89BIO during the 2nd quarter valued at $55,000. GAMMA Investing LLC boosted its holdings in 89BIO by 4,898.7% during the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock valued at $56,000 after acquiring an additional 7,495 shares during the period. Osaic Holdings Inc. boosted its holdings in 89BIO by 25.9% during the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock valued at $63,000 after acquiring an additional 1,330 shares during the period. Finally, AlphaQuest LLC boosted its holdings in 89BIO by 213.8% during the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock valued at $65,000 after acquiring an additional 4,506 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.