89bio’s (ETNB) “Overweight” Rating Reiterated at Cantor Fitzgerald

89bio (NASDAQ:ETNB)‘s stock had its “overweight” rating restated by stock analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $29.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 255.39% from the company’s previous close.

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

89bio Price Performance

Shares of 89bio stock traded down $0.13 during midday trading on Friday, hitting $8.16. 227,600 shares of the company traded hands, compared to its average volume of 989,954. The stock has a market cap of $802.81 million, a price-to-earnings ratio of -4.06 and a beta of 1.11. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92. The firm’s fifty day moving average price is $8.62 and its 200-day moving average price is $9.21. 89bio has a 12 month low of $6.57 and a 12 month high of $16.63.

89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same quarter last year, the company earned ($0.52) EPS. As a group, sell-side analysts forecast that 89bio will post -2.32 earnings per share for the current year.

Institutional Investors Weigh In On 89bio

Institutional investors have recently modified their holdings of the company. 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 buying an additional 1,350,000 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $146,646,000 after acquiring an additional 3,688,241 shares in the last quarter. RTW Investments LP acquired a new position in shares of 89bio in the 4th quarter valued at about $62,317,000. Vanguard Group Inc. boosted its position in shares of 89bio by 9.6% during 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 in the last quarter. Finally, BVF Inc. IL grew its stake in 89bio by 119.2% during the fourth quarter. BVF Inc. IL now owns 4,047,354 shares of the company’s stock worth $45,209,000 after purchasing an additional 2,201,200 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.