89BIO (NASDAQ:ETNB) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of 89BIO (NASDAQ:ETNB) to a strong sell rating in a research note issued to investors on Saturday morning.

ETNB has been the topic of a number of other reports. Zacks Research lowered 89BIO from a “hold” rating to a “strong sell” rating in a research report on Monday, October 20th. Cantor Fitzgerald reissued an “overweight” rating on shares of 89BIO in a research note on Friday. Royal Bank Of Canada decreased their price target on 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Friday, August 8th. HC Wainwright lowered 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 price target for the company. in a research report on Friday, September 19th. Finally, Raymond James Financial downgraded 89BIO from a “strong-buy” rating to a “market perform” rating in a research note on Friday, September 19th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $25.81.

89BIO Price Performance

Shares of NASDAQ:ETNB opened at $14.84 on Friday. The stock has a market capitalization of $2.20 billion, a P/E ratio of -4.11 and a beta of 1.27. 89BIO has a 1 year low of $4.16 and a 1 year high of $15.06. The stock has a 50-day simple moving average of $12.74 and a 200-day simple moving average of $10.49. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19.

89BIO (NASDAQ:ETNB) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.22). During the same period in the previous year, the firm posted ($0.48) earnings per share. Equities analysts forecast that 89BIO will post -3.19 earnings per share for the current year.

Institutional Trading of 89BIO

Several institutional investors have recently modified their holdings of the company. CWM LLC raised its position in 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock valued at $43,000 after purchasing an additional 5,837 shares during the last quarter. KBC Group NV acquired a new position in 89BIO in the second quarter valued at about $55,000. Osaic Holdings Inc. grew its stake in 89BIO by 25.9% in the second quarter. Osaic Holdings Inc. now owns 6,463 shares of the company’s stock valued at $63,000 after acquiring an additional 1,330 shares during the period. AlphaQuest LLC boosted its position in shares of 89BIO by 213.8% during the second quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock worth $65,000 after buying an additional 4,506 shares during the period. Finally, Ieq Capital LLC acquired a new position in 89BIO during the first quarter valued at approximately $89,000.

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.