89bio (NASDAQ:ETNB) Earns Sell (D-) Rating from Weiss Ratings

89bio (NASDAQ:ETNB)‘s stock had its “sell (d-)” rating restated by analysts at Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

Several other equities analysts have also recently weighed in on the stock. Wolfe Research began coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target (down from $29.00) on shares of 89bio in a research note on Friday, February 28th. Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group began coverage on shares of 89bio in a research note on Friday, March 14th. They set a “neutral” rating and a $11.00 price target for the company. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.56.

89bio Stock Performance

Shares of ETNB stock opened at $8.52 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The company has a market capitalization of $1.24 billion, a P/E ratio of -2.93 and a beta of 1.17. The company’s 50 day moving average price is $8.94 and its two-hundred day moving average price is $8.42. 89bio has a 52 week low of $5.99 and a 52 week high of $11.84.

89bio (NASDAQ:ETNB) last announced its earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, analysts expect that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Activity at 89bio

In other 89bio news, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the acquisition, the director now directly owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. This trade represents a 41.29 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles Mcwherter purchased 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $98,250. The trade was a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On 89bio

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its holdings in 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP acquired a new stake in 89bio during the 4th quarter valued at $55,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of 89bio during the fourth quarter worth $86,000. Sandia Investment Management LP lifted its holdings in shares of 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after buying an additional 2,500 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of 89bio during the fourth quarter worth $87,000.

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.