Cantor Fitzgerald Reaffirms “Overweight” Rating for 89bio (NASDAQ:ETNB)

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

A number of other equities analysts have also weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Tuesday, August 6th. Royal Bank of Canada lowered their price objective 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 lifted their price objective on shares of 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.14.

89bio Stock Down 1.6 %

ETNB traded down $0.13 during midday trading on Friday, hitting $8.16. The company had a trading volume of 227,600 shares, compared to its average volume of 989,954. The stock’s 50 day moving average price is $8.62 and its 200 day moving average price is $9.21. 89bio has a 52 week low of $6.57 and a 52 week high of $16.63. The company has a market capitalization of $802.81 million, a price-to-earnings ratio of -4.06 and a beta of 1.11. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04.

89bio (NASDAQ:ETNB) last issued its earnings results on Monday, August 5th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.08. During the same period in the prior year, the business earned ($0.52) earnings per share. On average, research analysts anticipate that 89bio will post -2.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank increased its stake in 89bio by 27.4% in the 4th quarter. Swiss National Bank now owns 142,800 shares of the company’s stock valued at $1,595,000 after buying an additional 30,700 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 89bio by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 499,353 shares of the company’s stock valued at $5,578,000 after acquiring an additional 10,349 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in 89bio by 9.0% during the fourth quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock worth $176,000 after acquiring an additional 1,299 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in 89bio by 104.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 38,545 shares of the company’s stock worth $431,000 after purchasing an additional 19,730 shares during the last quarter. Finally, Quest Partners LLC bought a new position in 89bio in the 4th quarter valued at $117,000.

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.