Weiss Ratings Reaffirms "Sell (D-)" Rating for 89BIO (NASDAQ:ETNB)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for 89BIO (NASDAQ:ETNB), indicating continued concerns regarding the stock's performance.
• Shares of 89BIO recently traded at $14.85, slightly up from previous levels, with a fifty-two week high of $15.06 and a low of $4.16.
• Insider Quoc Le-Nguyen sold 10,461 shares at an average price of $11.02, further highlighting activity among company insiders as they adjust their holdings.

89BIO (NASDAQ:ETNB - Get Free Report)'s stock had its "sell (d-)" rating reissued by research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also issued reports on ETNB. Raymond James Financial lowered shares of 89BIO from a "strong-buy" rating to a "market perform" rating in a research note on Friday, September 19th. Wolfe Research lowered shares of 89BIO from an "outperform" rating to a "peer perform" rating in a research note on Friday, September 19th. Bank of America lowered their price target on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, August 25th. Royal Bank Of Canada lowered 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, August 8th. Finally, HC Wainwright downgraded shares of 89BIO from a "buy" rating to a "neutral" rating and set a $14.50 price objective for the company. in a research report on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, 89BIO presently has an average rating of "Hold" and an average target price of $25.81.

89BIO Stock Up 0.1%

Shares of NASDAQ:ETNB traded up $0.02 during midday trading on Wednesday, reaching $14.85. 375,204 shares of the company were exchanged, compared to its average volume of 2,797,231. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $15.06. The company has a quick ratio of 15.19, a current ratio of 15.19 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $10.62 and a two-hundred day simple moving average of $9.34. The firm has a market cap of $2.20 billion, a PE ratio of -4.11 and a beta of 1.27.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the previous year, the business posted ($0.48) EPS. As a group, sell-side analysts forecast that 89BIO will post -3.19 earnings per share for the current year.

Insider Activity at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction dated 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. The trade was a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.80% of the company's stock.

Institutional Trading of 89BIO

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC boosted its holdings in 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after purchasing an additional 5,837 shares during the period. KBC Group NV bought a new stake in 89BIO in the 2nd quarter valued at about $55,000. GAMMA Investing LLC boosted its holdings 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 period. Osaic Holdings Inc. boosted its holdings in 89BIO by 25.9% in the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock valued at $63,000 after purchasing an additional 1,330 shares during the period. Finally, AlphaQuest LLC boosted its holdings in 89BIO by 213.8% in the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company's stock valued at $65,000 after purchasing an additional 4,506 shares during the period.

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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