89BIO (NASDAQ:ETNB) Price Target Cut to $29.00 by Analysts at Bank of America

89BIO (NASDAQ:ETNB) had its price objective decreased by Bank of America from $30.00 to $29.00 in a research note released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other brokerages have also commented on ETNB. Royal Bank Of Canada lowered their price objective on shares of 89BIO from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Friday, August 8th. Cantor Fitzgerald raised shares of 89BIO to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89BIO in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $26.63.

89BIO Trading Down 3.5%

NASDAQ:ETNB opened at $9.10 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 stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -2.52 and a beta of 1.28. The firm has a fifty day simple moving average of $9.78 and a two-hundred day simple moving average of $8.88. 89BIO has a 12 month low of $4.16 and a 12 month high of $11.84.

89BIO (NASDAQ:ETNB) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.22). During the same period last year, the business posted ($0.48) EPS. Analysts expect that 89BIO will post -3.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the company’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. This represents a 3.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of 89BIO

A number of institutional investors and hedge funds have recently bought and sold shares of ETNB. KBC Group NV purchased a new position in 89BIO during the second quarter valued at approximately $55,000. CWM LLC lifted its holdings in 89BIO by 9,265.1% during the first quarter. CWM LLC now owns 5,900 shares of the company’s stock valued at $43,000 after purchasing an additional 5,837 shares in the last quarter. AlphaQuest LLC lifted its holdings in 89BIO by 213.8% during the second quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock valued at $65,000 after purchasing an additional 4,506 shares in the last quarter. Quarry LP purchased a new position in 89BIO during the fourth quarter valued at approximately $55,000. Finally, GAMMA Investing LLC lifted its holdings in 89BIO by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock valued at $56,000 after purchasing an additional 7,495 shares in the last quarter.

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.