Equities Analysts Issue Forecasts for 89bio FY2024 Earnings

89bio, Inc. (NASDAQ:ETNB) – Research analysts at Cantor Fitzgerald lowered their FY2024 earnings per share estimates for 89bio in a note issued to investors on Monday, November 11th. Cantor Fitzgerald analyst K. Kluska now forecasts that the company will post earnings per share of ($2.98) for the year, down from their prior estimate of ($2.78). Cantor Fitzgerald currently has a “Overweight” rating and a $29.00 price target on the stock. The consensus estimate for 89bio’s current full-year earnings is ($3.22) per share.

Several other equities analysts have also recently weighed in on the stock. Raymond James decreased their target price on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Finally, Royal Bank of Canada cut their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Trading Down 9.4 %

Shares of NASDAQ:ETNB opened at $7.93 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company’s 50-day moving average price is $8.20 and its two-hundred day moving average price is $8.42. The stock has a market capitalization of $841.61 million, a PE ratio of -2.78 and a beta of 1.07. 89bio has a one year low of $7.00 and a one year high of $16.63.

Institutional Trading of 89bio

A number of hedge funds have recently modified their holdings of ETNB. Quest Partners LLC boosted its stake 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 purchasing an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of 89bio during the 2nd quarter worth $66,000. Ameritas Investment Partners Inc. lifted its position in shares of 89bio by 28.4% during the 1st 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 during the last quarter. China Universal Asset Management Co. Ltd. increased its position 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 worth $151,000 after purchasing an additional 8,810 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of 89bio in the third quarter valued at approximately $160,000.

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.