89bio (NASDAQ:ETNB) Rating Reiterated by Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of 89bio (NASDAQ:ETNB) in a research note published on Friday morning, Benzinga reports. The firm currently has a $29.00 target price on the stock.

ETNB has been the subject of a number of other research reports. Royal Bank of Canada dropped their target price on shares of 89bio from $13.00 to $12.00 and set a sector perform rating for the company in a report on Tuesday, August 6th. Raymond James increased their price objective on shares of 89bio from $50.00 to $53.00 and gave the company a strong-buy rating in a research note on Tuesday, August 6th. Finally, HC Wainwright restated a buy rating and issued a $29.00 target price on shares of 89bio in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $30.14.

89bio Stock Performance

Shares of 89bio stock opened at $8.19 on Friday. The company has a 50 day moving average of $8.61 and a 200-day moving average of $9.13. The company has a market cap of $805.76 million, a PE ratio of -4.07 and a beta of 1.11. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. 89bio has a 1-year low of $6.57 and a 1-year high of $16.63.

89bio (NASDAQ:ETNB) last released its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same period in the prior year, the firm earned ($0.52) EPS. As a group, equities research analysts forecast that 89bio will post -2.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 89bio

Several large investors have recently modified their holdings of ETNB. Teacher Retirement System of Texas increased its holdings in 89bio by 9.0% in the fourth quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock valued at $176,000 after purchasing an additional 1,299 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of 89bio by 10.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock valued at $165,000 after buying an additional 1,360 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of 89bio by 28.4% in the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after acquiring an additional 1,744 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in 89bio by 12.8% in the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after acquiring an additional 3,557 shares during the last quarter. Finally, Swiss National Bank increased its position in 89bio by 3.1% during the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock valued at $1,713,000 after purchasing an additional 4,400 shares during the period.

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.