Research Analysts Issue Forecasts for 89bio, Inc.’s FY2023 Earnings (NASDAQ:ETNB)

89bio, Inc. (NASDAQ:ETNB – Get Rating) – Stock analysts at Cantor Fitzgerald decreased their FY2023 EPS estimates for shares of 89bio in a report released on Monday, March 13th. Cantor Fitzgerald analyst K. Kluska now anticipates that the company will earn ($2.33) per share for the year, down from their prior forecast of ($0.64). Cantor Fitzgerald has a “Overweight” rating and a $34.00 price target on the stock. The consensus estimate for 89bio’s current full-year earnings is ($2.46) per share.

Several other analysts have also recently commented on ETNB. Oppenheimer raised their target price on shares of 89bio from $12.00 to $18.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 21st. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of 89bio in a research note on Tuesday, February 7th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $27.00 target price on shares of 89bio in a research note on Tuesday. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $25.38.

89bio Stock Down 1.1 %

ETNB stock opened at $12.65 on Thursday. 89bio has a one year low of $2.00 and a one year high of $15.50. The stock has a market capitalization of $639.58 million, a PE ratio of -3.57 and a beta of 0.73. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.81 and a current ratio of 5.81. The company has a fifty day moving average of $12.72 and a 200-day moving average of $9.74.

Insider Activity

In other news, CFO Ryan Martins sold 5,947 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $12.51, for a total value of $74,396.97. Following the completion of the transaction, the chief financial officer now owns 36,368 shares in the company, valued at approximately $454,963.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 13,559 shares of company stock worth $177,844 in the last 90 days. 11.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 89bio

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in 89bio during the 3rd quarter valued at about $34,000. Acadian Asset Management LLC purchased a new position in 89bio during the 1st quarter valued at about $34,000. Dorsey Wright & Associates purchased a new position in 89bio during the 4th quarter valued at about $37,000. Rhumbline Advisers purchased a new position in 89bio during the 1st quarter valued at about $42,000. Finally, Mirabella Financial Services LLP purchased a new position in 89bio during the 1st quarter valued at about $43,000. 87.78% of the stock is currently owned by hedge funds and other institutional investors.

About 89bio

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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.