89bio FY2024 EPS Estimate Decreased by Cantor Fitzgerald

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

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

89bio Price Performance

Shares of ETNB opened at $8.75 on Thursday. The firm has a fifty day simple moving average of $8.20 and a two-hundred day simple moving average of $8.42. The firm has a market cap of $928.64 million, a PE ratio of -3.06 and a beta of 1.07. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 1-year low of $7.00 and a 1-year high of $16.63.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 89bio by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock valued at $1,043,000 after purchasing an additional 1,624 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of 89bio by 28.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after buying an additional 1,744 shares in the last quarter. 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 worth $251,000 after buying an additional 3,557 shares during the period. Swiss National Bank increased its stake in 89bio by 3.1% in the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock worth $1,713,000 after buying an additional 4,400 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings 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.

89bio Company Profile

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.