89bio (NASDAQ:ETNB) Downgraded by Zacks Investment Research

89bio (NASDAQ:ETNB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “89bio Inc. is clinical-stage biopharmaceutical company. It is focused on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. The company’s lead product candidate, BIO89-100, is being developed for the treatment of nonalcoholic steatohepatitis. 89bio Inc. is headquartered in San Francisco. “

Several other research firms have also commented on ETNB. Oppenheimer reiterated a “buy” rating and issued a $60.00 price objective on shares of 89bio in a research report on Tuesday, May 19th. BTIG Research boosted their price objective on shares of 89bio from $51.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler initiated coverage on shares of 89bio in a research report on Thursday, July 30th. They issued an “overweight” rating and a $54.00 price objective on the stock. Finally, Chardan Capital boosted their price objective on shares of 89bio from $59.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $54.00.

Shares of NASDAQ ETNB traded down $1.25 during trading on Wednesday, hitting $29.19. 397,284 shares of the company were exchanged, compared to its average volume of 72,564. The company has a market cap of $491.97 million and a price-to-earnings ratio of -0.84. 89bio has a 1 year low of $14.00 and a 1 year high of $47.25. The firm’s fifty day moving average price is $33.71 and its 200 day moving average price is $28.48.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, August 13th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.03). As a group, sell-side analysts forecast that 89bio will post -3.24 earnings per share for the current year.

In other news, Director Ra Capital Management, L.P. bought 275,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was purchased at an average price of $27.50 per share, with a total value of $7,562,500.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Longitude Capital Partners Iii bought 109,090 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The stock was purchased at an average cost of $27.50 per share, with a total value of $2,999,975.00. The disclosure for this purchase can be found here. Insiders own 18.10% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN increased its stake in shares of 89bio by 998.7% during the 1st quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock valued at $66,000 after acquiring an additional 2,387 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of 89bio during the 1st quarter valued at about $246,000. California Public Employees Retirement System acquired a new position in shares of 89bio during the 2nd quarter valued at about $217,000. HC Advisors LLC acquired a new position in shares of 89bio during the 2nd quarter valued at about $267,000. Finally, Bank of America Corp DE increased its stake in shares of 89bio by 56.7% during the 2nd quarter. Bank of America Corp DE now owns 16,423 shares of the company’s stock valued at $327,000 after acquiring an additional 5,940 shares during the last quarter. 63.13% of the stock is owned by institutional investors.

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, BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 that is being developed for the treatment of nonalcoholic steatohepatitis.

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