FY2024 EPS Estimates for 89bio Lowered by Cantor Fitzgerald

89bio, Inc. (NASDAQ:ETNB) – Investment analysts at Cantor Fitzgerald decreased their FY2024 earnings estimates for 89bio in a research note issued to investors on Monday, November 11th. Cantor Fitzgerald analyst K. Kluska now forecasts that the company will earn ($2.98) per share for the year, down from their previous forecast of ($2.78). Cantor Fitzgerald has a “Overweight” rating and a $29.00 price objective on the stock. The consensus estimate for 89bio’s current full-year earnings is ($2.83) per share.

A number of other research analysts have also commented on the stock. HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday. Raymond James reduced their target price on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Finally, Royal Bank of Canada cut their price target on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, 89bio presently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Stock Performance

Shares of ETNB opened at $8.92 on Thursday. The company’s 50 day simple moving average is $8.19 and its 200-day simple moving average is $8.42. The firm has a market cap of $946.15 million, a PE ratio of -3.06 and a beta of 1.07. 89bio has a 12-month low of $7.00 and a 12-month high of $16.63. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

Institutional Trading of 89bio

Several large investors have recently bought and sold shares of ETNB. Swiss National Bank raised its holdings in shares of 89bio by 3.1% in the first quarter. Swiss National Bank now owns 147,200 shares of the company’s stock worth $1,713,000 after acquiring an additional 4,400 shares during the last quarter. ProShare Advisors LLC grew its position in 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock valued at $241,000 after acquiring an additional 5,319 shares during the period. Westfield Capital Management Co. LP increased its position in 89bio by 22.9% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock worth $25,191,000 after purchasing an additional 402,999 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after acquiring an additional 415,386 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after purchasing an additional 1,744 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.