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

Weiss Ratings reiterated their sell (d-) rating on shares of 89bio (NASDAQ:ETNB) in a research note issued to investors on Friday,Weiss Ratings reports.

A number of other analysts have also recently issued reports on ETNB. HC Wainwright restated a “buy” rating and set a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Wolfe Research assumed coverage on shares of 89bio in a research note on Tuesday, February 4th. They issued an “outperform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, UBS Group lifted their price objective on shares of 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $30.29.

89bio Stock Down 5.5 %

89bio stock opened at $7.85 on Friday. The company has a market cap of $833.09 million, a P/E ratio of -2.70 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $8.80 and a 200 day simple moving average of $8.47. 89bio has a 1-year low of $5.99 and a 1-year high of $13.71.

89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.42). Research analysts anticipate that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Transactions at 89bio

In related news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were bought at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the transaction, the director now directly owns 19,554,319 shares of the company’s stock, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now owns 271,833 shares in the company, valued at $1,764,196.17. The trade was a 3.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in 89bio by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock valued at $736,000 after purchasing an additional 43,384 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in 89bio during the 4th quarter valued at $1,897,000. Barclays PLC increased its stake in 89bio by 228.9% during the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock valued at $1,590,000 after purchasing an additional 149,479 shares in the last quarter. Geode Capital Management LLC increased its stake in 89bio by 8.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after purchasing an additional 160,356 shares in the last quarter. Finally, FMR LLC increased its stake in 89bio by 2,153.2% during the 3rd quarter. FMR LLC now owns 73,386 shares of the company’s stock valued at $543,000 after purchasing an additional 70,129 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.