Cantor Fitzgerald Reaffirms “Overweight” Rating for 89bio (NASDAQ:ETNB)

Cantor Fitzgerald reissued their overweight rating on shares of 89bio (NASDAQ:ETNB) in a research note published on Friday, Benzinga reports. Cantor Fitzgerald currently has a $29.00 price target on the stock.

Other research analysts have also issued reports about the stock. Raymond James boosted their price objective on shares of 89bio from $50.00 to $53.00 and gave the stock a strong-buy rating in a research note on Tuesday, August 6th. HC Wainwright reissued a buy rating and set a $29.00 price target on shares of 89bio in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada cut their price objective on 89bio from $13.00 to $12.00 and set a sector perform rating for the company in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $30.14.

89bio Stock Performance

Shares of NASDAQ ETNB opened at $8.19 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92. The stock has a 50 day moving average price of $8.61 and a 200 day moving average price of $9.13. The stock has a market capitalization of $805.76 million, a PE ratio of -4.07 and a beta of 1.11. 89bio has a 52 week low of $6.57 and a 52 week high of $16.63.

89bio (NASDAQ:ETNB) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same period last year, the company posted ($0.52) earnings per share. Analysts predict that 89bio will post -2.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 89bio

A number of large investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio in the 2nd quarter valued at $66,000. Algert Global LLC increased its position in 89bio by 30.8% during the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after acquiring an additional 7,203 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after purchasing an additional 3,557 shares during the period. Squarepoint Ops LLC acquired a new position in shares of 89bio during the 2nd quarter worth approximately $327,000. Finally, Integral Health Asset Management LLC increased its holdings in shares of 89bio by 50.0% during the second quarter. Integral Health Asset Management LLC now owns 450,000 shares of the company’s stock worth $3,604,000 after purchasing an additional 150,000 shares during the period.

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.