89bio (NASDAQ:ETNB) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of 89bio (NASDAQ:ETNB) in a research report report published on Friday morning, Benzinga reports. They currently have a $29.00 target price on the stock.

ETNB has been the subject of several other research reports. HC Wainwright reissued a buy rating and issued a $29.00 target price on shares of 89bio in a research report on Tuesday, August 6th. Raymond James increased their price objective on 89bio from $50.00 to $53.00 and gave the stock a strong-buy rating in a report on Tuesday, August 6th. Finally, Royal Bank of Canada dropped their target price 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. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $30.14.

89bio Stock Performance

Shares of ETNB stock opened at $8.19 on Friday. The firm has a market capitalization of $805.76 million, a price-to-earnings ratio of -4.07 and a beta of 1.11. The stock has a fifty day moving average of $8.61 and a 200 day moving average of $9.17. 89bio has a 52 week low of $6.57 and a 52 week high of $16.63. 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 posted its earnings results on Monday, August 5th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. As a group, research analysts expect that 89bio will post -2.32 earnings per share for the current year.

Hedge Funds Weigh In On 89bio

Several large investors have recently modified their holdings of the stock. Teacher Retirement System of Texas grew its position in 89bio by 9.0% during the 4th 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 last quarter. PNC Financial Services Group Inc. lifted 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 worth $165,000 after buying an additional 1,360 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after buying an additional 1,744 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of 89bio by 12.8% during 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 in the last quarter. Finally, Swiss National Bank raised its holdings in 89bio by 3.1% in the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock worth $1,713,000 after acquiring an additional 4,400 shares during 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.