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

Cantor Fitzgerald reaffirmed their overweight rating on shares of 89bio (NASDAQ:ETNB - Free Report) in a report issued on Friday, Benzinga reports. The brokerage currently has a $29.00 target price on the stock. Cantor Fitzgerald also issued estimates for 89bio's FY2024 earnings at ($2.30) EPS.

ETNB has been the subject of a number of other research reports. Evercore ISI dropped their price target on shares of 89bio from $37.00 to $33.00 and set an outperform rating for the company in a research note on Wednesday. Royal Bank of Canada cut their price objective on shares of 89bio from $15.00 to $14.00 and set a sector perform rating on the stock in a research note on Friday, March 1st. Oppenheimer reiterated a market perform rating on shares of 89bio in a research report on Tuesday, March 5th. Bank of America reissued a buy rating and set a $30.00 target price on shares of 89bio in a research note on Monday, April 22nd. Finally, HC Wainwright reiterated a buy rating and set a $29.00 price objective on shares of 89bio in a research report on Thursday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $28.14.

89bio Trading Down 3.8 %

ETNB stock traded down $0.34 during midday trading on Friday, reaching $8.63. 806,351 shares of the company's stock traded hands, compared to its average volume of 1,136,619. The company has a debt-to-equity ratio of 0.05, a current ratio of 15.03 and a quick ratio of 20.04. The company has a market capitalization of $849.02 million, a P/E ratio of -4.42 and a beta of 1.15. The business has a 50-day moving average price of $10.30 and a two-hundred day moving average price of $10.02. 89bio has a fifty-two week low of $6.57 and a fifty-two week high of $22.93.

89bio (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Wednesday, May 15th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.08). During the same quarter last year, the business posted ($0.54) earnings per share. Equities research analysts forecast that 89bio will post -2.37 EPS for the current fiscal year.

Insider Activity at 89bio

In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the stock in a transaction on Monday, March 4th. The shares were purchased at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the purchase, the director now owns 12,431,584 shares of the company's stock, valued at $190,824,814.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the business's stock in a transaction on Monday, March 4th. The stock was purchased at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the transaction, the director now directly owns 12,431,584 shares of the company's stock, valued at approximately $190,824,814.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Rohan Palekar sold 4,477 shares of the company's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the transaction, the chief executive officer now owns 486,889 shares in the company, valued at $5,238,925.64. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 89bio

A number of institutional investors have recently modified their holdings of the business. RA Capital Management L.P. raised its stake in 89bio by 11.8% during the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company's stock worth $148,607,000 after acquiring an additional 1,350,000 shares in the last quarter. Janus Henderson Group PLC increased its position in 89bio by 41.4% during the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company's stock worth $146,646,000 after purchasing an additional 3,688,241 shares in the last quarter. RTW Investments LP acquired a new position in 89bio during the 4th quarter worth approximately $62,317,000. Vanguard Group Inc. lifted its stake in 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company's stock valued at $54,975,000 after purchasing an additional 415,386 shares during the last quarter. Finally, BVF Inc. IL boosted its position in 89bio by 119.2% in the fourth quarter. BVF Inc. IL now owns 4,047,354 shares of the company's stock valued at $45,209,000 after buying an additional 2,201,200 shares in 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.