89bio (NASDAQ:ETNB – Get Free Report)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $29.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 266.62% from the company’s current price.
A number of other research firms have also commented on ETNB. Evercore ISI reduced their price objective on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. Bank of America restated a “buy” rating and issued a $30.00 price target on shares of 89bio in a research report on Monday, April 22nd. Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.14.
Get Our Latest Analysis on 89bio
89bio Price Performance
89bio (NASDAQ:ETNB – Get Free Report) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.08). During the same quarter last year, the business posted ($0.54) earnings per share. Research analysts expect that 89bio will post -2.42 EPS for the current fiscal year.
Institutional Investors Weigh In On 89bio
Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its holdings in shares of 89bio by 53.7% during the third quarter. PNC Financial Services Group Inc. now owns 13,400 shares of the company’s stock worth $207,000 after acquiring an additional 4,680 shares in the last quarter. Alpine Global Management LLC acquired a new stake in shares of 89bio during the 3rd quarter valued at about $159,000. Schonfeld Strategic Advisors LLC grew its stake in shares of 89bio by 17.8% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 277,562 shares of the company’s stock valued at $4,286,000 after buying an additional 41,958 shares in the last quarter. Alps Advisors Inc. increased its holdings in 89bio by 3.9% in the third quarter. Alps Advisors Inc. now owns 55,671 shares of the company’s stock worth $860,000 after buying an additional 2,109 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its position in 89bio by 19.1% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,698,417 shares of the company’s stock valued at $26,224,000 after acquiring an additional 272,255 shares in the last quarter.
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.
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