89BIO (NASDAQ:ETNB) Receives Sell (D-) Rating from Weiss Ratings

89BIO (NASDAQ:ETNB)‘s stock had its “sell (d-)” rating restated by Weiss Ratings in a research note issued to investors on Saturday,Weiss Ratings reports.

A number of other equities analysts also recently commented on the company. Cantor Fitzgerald upgraded 89BIO to a “strong-buy” rating in a report on Wednesday, April 30th. The Goldman Sachs Group started coverage on 89BIO in a report on Friday, March 14th. They set a “neutral” rating and a $11.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $26.43.

89BIO Stock Up 2.0%

Shares of NASDAQ:ETNB opened at $11.00 on Friday. The stock’s 50-day moving average price is $9.51 and its two-hundred day moving average price is $8.55. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -3.25 and a beta of 1.28.

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

Insider Transactions at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 15,329 shares of 89BIO stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the sale, the insider directly owned 328,323 shares in the company, valued at $1,953,521.85. The trade was a 4.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89BIO

Hedge funds and other institutional investors have recently bought and sold shares of the business. RA Capital Management L.P. grew its position in shares of 89BIO by 40.3% in the 1st quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company’s stock worth $144,598,000 after acquiring an additional 5,714,285 shares in the last quarter. Avoro Capital Advisors LLC acquired a new position in shares of 89BIO in the 4th quarter worth approximately $32,062,000. Deep Track Capital LP grew its position in shares of 89BIO by 134.2% in the 4th quarter. Deep Track Capital LP now owns 6,478,249 shares of the company’s stock worth $50,660,000 after acquiring an additional 3,711,737 shares in the last quarter. Suvretta Capital Management LLC grew its position in shares of 89BIO by 27.7% in the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after acquiring an additional 2,211,052 shares in the last quarter. Finally, Beck Bode LLC acquired a new position in shares of 89BIO in the 1st quarter worth approximately $13,199,000.

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.