89bio’s (ETNB) Overweight Rating Reaffirmed at Cantor Fitzgerald

by · The Markets Daily

89bio (NASDAQ:ETNB – Get Free Report)‘s stock had its “overweight” rating reaffirmed by Cantor Fitzgerald in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $29.00 price objective on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 254.09% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Royal Bank of Canada reduced their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Raymond James lifted their price objective on 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a report on Tuesday, August 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.14.

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89bio Price Performance

89bio stock opened at $8.19 on Friday. 89bio has a 12-month low of $6.57 and a 12-month high of $16.63. The business’s 50-day simple moving average is $8.61 and its 200 day simple moving average is $9.15. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04. The stock has a market cap of $805.76 million, a price-to-earnings ratio of -4.07 and a beta of 1.11.

89bio (NASDAQ:ETNB – Get Free Report) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.08. During the same period last year, the business posted ($0.52) EPS. As a group, research analysts anticipate that 89bio will post -2.32 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC raised its stake in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after buying an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of 89bio in the second quarter worth approximately $66,000. Ameritas Investment Partners Inc. raised its stake in shares of 89bio by 28.4% in the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after purchasing an additional 1,744 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of 89bio in the first quarter worth approximately $124,000. Finally, Chicago Partners Investment Group LLC raised its stake in shares of 89bio by 43.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock worth $158,000 after purchasing an additional 4,673 shares during the last quarter.

About 89bio

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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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