Cantor Fitzgerald Lowers Earnings Estimates for 89bio

89bio, Inc. (NASDAQ:ETNB) – Equities researchers at Cantor Fitzgerald decreased their FY2024 earnings per share estimates for shares of 89bio in a research note issued to investors on Monday, November 11th. Cantor Fitzgerald analyst K. Kluska now expects that the company will post earnings of ($2.98) per share for the year, down from their previous estimate of ($2.78). Cantor Fitzgerald has a “Overweight” rating and a $29.00 price objective on the stock. The consensus estimate for 89bio’s current full-year earnings is ($2.83) per share.

Several other equities analysts have also commented on the company. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a research report on Monday. Royal Bank of Canada lowered their price target on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. Finally, Raymond James dropped their price objective on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Trading Down 1.9 %

ETNB opened at $8.75 on Thursday. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 52 week low of $7.00 and a 52 week high of $16.63. The stock has a market cap of $928.64 million, a PE ratio of -3.06 and a beta of 1.07. The business has a 50 day moving average of $8.20 and a 200-day moving average of $8.42.

Institutional Trading of 89bio

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted 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 buying an additional 1,744 shares in the last quarter. Quest Partners LLC lifted its position in 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after acquiring an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in 89bio in the 2nd quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. boosted its stake in 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of 89bio by 34.5% in the 1st quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock worth $241,000 after purchasing an additional 5,319 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.