89bio (NASDAQ:ETNB) Stock Rating Reaffirmed by Cantor Fitzgerald

89bio (NASDAQ:ETNB)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $29.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 254.09% from the company’s previous close.

ETNB has been the topic of several other reports. Raymond James boosted 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. Royal Bank of Canada reduced 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. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.14.

89bio Stock Down 1.2 %

Shares of 89bio stock opened at $8.19 on Friday. 89bio has a 52-week low of $6.57 and a 52-week high of $16.63. The company has a 50 day moving average of $8.61 and a 200 day moving average of $9.15. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $805.76 million, a P/E ratio of -4.07 and a beta of 1.11.

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

Hedge Funds Weigh In On 89bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC boosted its position in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in 89bio in the 2nd quarter worth approximately $66,000. Ameritas Investment Partners Inc. lifted its holdings in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after purchasing an additional 1,744 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in 89bio in the 1st quarter worth approximately $124,000. Finally, Chicago Partners Investment Group LLC lifted its holdings in shares of 89bio by 43.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock worth $158,000 after buying an additional 4,673 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.