89bio (NASDAQ:ETNB) Price Target Cut to $29.00 by Analysts at HC Wainwright

89bio (NASDAQ:ETNBGet Rating) had its price objective dropped by equities researchers at HC Wainwright from $46.00 to $29.00 in a report issued on Thursday, The Fly reports.

Several other research firms have also recently weighed in on ETNB. Zacks Investment Research raised 89bio from a “sell” rating to a “hold” rating in a report on Monday, January 17th. Raymond James raised 89bio from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the company from $33.00 to $12.00 in a report on Thursday. SVB Leerink decreased their price objective on 89bio from $62.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, March 25th. Finally, Cantor Fitzgerald decreased their price objective on 89bio from $41.00 to $27.00 in a report on Thursday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $36.67.

ETNB traded up $0.52 during trading on Thursday, reaching $2.67. 5,292 shares of the company were exchanged, compared to its average volume of 197,407. The company’s 50-day moving average is $3.24 and its two-hundred day moving average is $8.50. The company has a market cap of $54.34 million, a price-to-earnings ratio of -0.60 and a beta of 2.82. The company has a quick ratio of 8.29, a current ratio of 8.29 and a debt-to-equity ratio of 0.13. 89bio has a 12-month low of $2.00 and a 12-month high of $25.67.

89bio (NASDAQ:ETNBGet Rating) last released its quarterly earnings results on Thursday, March 24th. The company reported ($1.30) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.21. Equities analysts forecast that 89bio will post -5.05 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. grew its position in 89bio by 172.9% during the 4th quarter. Citigroup Inc. now owns 3,146 shares of the company’s stock worth $41,000 after acquiring an additional 1,993 shares during the last quarter. Bank of New York Mellon Corp grew its position in 89bio by 7.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 30,659 shares of the company’s stock worth $600,000 after acquiring an additional 2,112 shares during the last quarter. Wells Fargo & Company MN bought a new position in 89bio during the 4th quarter worth approximately $48,000. Pentwater Capital Management LP grew its position in 89bio by 4.2% during the 4th quarter. Pentwater Capital Management LP now owns 100,000 shares of the company’s stock worth $1,307,000 after acquiring an additional 4,000 shares during the last quarter. Finally, CSS LLC IL grew its position in 89bio by 21.8% during the 3rd quarter. CSS LLC IL now owns 27,945 shares of the company’s stock worth $547,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 91.06% of the company’s stock.

About 89bio (Get Rating)

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.

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