89bio (NASDAQ:ETNB) Stock Rating Lowered by Zacks Investment Research

89bio (NASDAQ:ETNB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, 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. “

ETNB has been the topic of a number of other reports. Oppenheimer reiterated a “buy” rating and issued a $60.00 target price on shares of 89bio in a report on Tuesday, May 19th. Chardan Capital assumed coverage on 89bio in a research note on Tuesday, July 7th. They set a “buy” rating and a $58.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $44.83.

NASDAQ:ETNB opened at $31.12 on Tuesday. The company has a market capitalization of $419.45 million and a PE ratio of -1.27. The company has a 50 day simple moving average of $25.49 and a two-hundred day simple moving average of $26.89. 89bio has a fifty-two week low of $14.00 and a fifty-two week high of $47.25.

89bio (NASDAQ:ETNB) last issued its earnings results on Wednesday, May 13th. The company reported ($0.76) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.10. As a group, research analysts expect that 89bio will post -3.93 EPS for the current fiscal year.

In other 89bio news, major shareholder Longitude Capital Partners Iii bought 109,090 shares of the stock in a transaction dated Friday, July 10th. The shares were bought at an average cost of $27.50 per share, for a total transaction of $2,999,975.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ra Capital Management, L.P. bought 275,000 shares of the stock in a transaction dated Wednesday, July 8th. The shares were acquired at an average price of $27.50 per share, for a total transaction of $7,562,500.00. The disclosure for this purchase can be found here. 18.10% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. bought a new stake in shares of 89bio during the 4th quarter worth $25,000. Wells Fargo & Company MN raised 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 worth $66,000 after purchasing an additional 2,387 shares during the period. UBS Group AG bought a new stake in shares of 89bio during the 4th quarter worth $163,000. Bank of New York Mellon Corp bought a new stake in shares of 89bio during the 1st quarter worth $246,000. Finally, Royal Bank of Canada raised its stake in shares of 89bio by 4.3% during the 1st quarter. Royal Bank of Canada now owns 19,941 shares of the company’s stock worth $503,000 after purchasing an additional 814 shares during the period. Institutional investors own 82.37% of the company’s stock.

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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