SVB Leerink Weighs in on 89bio, Inc.’s Q2 2023 Earnings (NASDAQ:ETNB)

89bio, Inc. (NASDAQ:ETNB – Get Rating) – Research analysts at SVB Leerink issued their Q2 2023 EPS estimates for shares of 89bio in a report issued on Sunday, March 12th. SVB Leerink analyst T. Smith expects that the company will post earnings per share of ($0.50) for the quarter. The consensus estimate for 89bio’s current full-year earnings is ($2.59) per share. SVB Leerink also issued estimates for 89bio’s Q3 2023 earnings at ($0.47) EPS, Q4 2023 earnings at ($0.51) EPS, FY2023 earnings at ($2.00) EPS, FY2024 earnings at ($2.27) EPS and FY2025 earnings at ($3.06) EPS.

Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $34.00 price target on shares of 89bio in a research report on Monday, March 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $27.00 price target on shares of 89bio in a research report on Tuesday. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of 89bio in a research note on Tuesday, February 7th. Finally, Oppenheimer raised their price objective 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. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $25.38.

89bio Price Performance

ETNB stock opened at $12.79 on Wednesday. The firm has a 50 day moving average of $12.71 and a 200-day moving average of $9.72. 89bio has a 12-month low of $2.00 and a 12-month high of $15.50. The company has a current ratio of 5.81, a quick ratio of 5.81 and a debt-to-equity ratio of 0.08. The company has a market cap of $646.68 million, a price-to-earnings ratio of -3.61 and a beta of 0.73.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. DAFNA Capital Management LLC grew its stake in 89bio by 136.6% in the 2nd quarter. DAFNA Capital Management LLC now owns 766,774 shares of the company’s stock worth $2,469,000 after acquiring an additional 442,721 shares during the period. Atom Investors LP purchased a new stake in 89bio in the 3rd quarter worth approximately $505,000. Virtu Financial LLC boosted its holdings in shares of 89bio by 62.6% in the 3rd quarter. Virtu Financial LLC now owns 32,883 shares of the company’s stock valued at $190,000 after purchasing an additional 12,661 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in shares of 89bio in the 2nd quarter valued at $1,630,000. Finally, Laurion Capital Management LP acquired a new position in shares of 89bio in the 2nd quarter valued at $602,000. 87.78% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at 89bio

In other 89bio news, CFO Ryan Martins sold 3,592 shares of 89bio stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $13.04, for a total value of $46,839.68. Following the completion of the sale, the chief financial officer now directly owns 35,368 shares of the company’s stock, valued at approximately $461,198.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 13,559 shares of company stock valued at $177,844 in the last ninety days. Corporate insiders own 11.80% of the company’s stock.

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.