Cantor Fitzgerald Upgrades 89bio (NASDAQ:ETNB) to Strong-Buy

89bio (NASDAQ:ETNB) was upgraded by Cantor Fitzgerald to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Wolfe Research initiated coverage on 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a report on Thursday, April 24th. The Goldman Sachs Group assumed coverage on shares of 89bio in a research note on Friday, March 14th. They set a “neutral” rating and a $11.00 price objective on the stock. Citigroup began coverage on shares of 89bio in a research note on Thursday, March 13th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $21.00 price target (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $27.25.

89bio Trading Up 1.4 %

Shares of ETNB opened at $8.13 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -2.79 and a beta of 1.25. The company has a 50-day moving average of $7.39 and a 200 day moving average of $8.17. 89bio has a 1-year low of $4.16 and a 1-year high of $11.84.

89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.01. During the same period in the previous year, the business posted ($0.54) earnings per share. On average, research analysts expect that 89bio will post -3.19 EPS for the current year.

Insider Transactions at 89bio

In related news, insider Quoc Le-Nguyen sold 15,329 shares of the company’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the transaction, the insider now directly owns 328,323 shares of the company’s stock, valued at $1,953,521.85. This represents a 4.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Hedge funds have recently modified their holdings of the stock. CWM LLC grew its position in 89bio by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock worth $43,000 after purchasing an additional 5,837 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of 89bio by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after buying an additional 4,236 shares during the last quarter. Quarry LP acquired a new position in shares of 89bio in the 4th quarter valued at $55,000. GAMMA Investing LLC raised its stake in 89bio by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock worth $56,000 after acquiring an additional 7,495 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in 89bio during the 4th quarter worth about $86,000.

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 is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.