89BIO (NASDAQ:ETNB) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of 89BIO (NASDAQ:ETNB) from a hold rating to a strong sell rating in a report issued on Monday morning,Zacks.com reports.

Other analysts have also recently issued reports about the company. HC Wainwright cut 89BIO from a “buy” rating to a “neutral” rating and set a $14.50 price target on the stock. in a research report on Friday, September 19th. Royal Bank Of Canada decreased their price objective on 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a report on Friday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of 89BIO in a report on Wednesday, October 8th. Raymond James Financial lowered 89BIO from a “strong-buy” rating to a “market perform” rating in a report on Friday, September 19th. Finally, Wolfe Research lowered 89BIO from an “outperform” rating to a “peer perform” rating in a report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $25.81.

89BIO Price Performance

Shares of 89BIO stock opened at $14.80 on Monday. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The business’s 50 day simple moving average is $11.73 and its 200-day simple moving average is $9.84. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of -4.10 and a beta of 1.27. 89BIO has a twelve month low of $4.16 and a twelve month high of $15.06.

89BIO (NASDAQ:ETNB) last announced 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 last year, the business posted ($0.48) earnings per share. Equities research analysts forecast that 89BIO will post -3.19 earnings per share for the current year.

Hedge Funds Weigh In On 89BIO

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Woodline Partners LP boosted its stake in 89BIO by 77.5% during the 1st quarter. Woodline Partners LP now owns 700,754 shares of the company’s stock valued at $5,094,000 after purchasing an additional 305,928 shares in the last quarter. Voya Investment Management LLC lifted its position in shares of 89BIO by 417.9% during the 1st quarter. Voya Investment Management LLC now owns 132,791 shares of the company’s stock valued at $965,000 after acquiring an additional 107,151 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of 89BIO during the 1st quarter valued at $719,000. Goldman Sachs Group Inc. lifted its holdings in shares of 89BIO by 23.3% in the first quarter. Goldman Sachs Group Inc. now owns 995,449 shares of the company’s stock valued at $7,237,000 after purchasing an additional 188,367 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of 89BIO by 17.0% in the first quarter. Rhumbline Advisers now owns 152,138 shares of the company’s stock valued at $1,106,000 after purchasing an additional 22,158 shares in the last quarter.

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.