89bio (NASDAQ:ETNB) Posts Earnings Results, Misses Estimates By $0.85 EPS

89bio (NASDAQ:ETNB) posted its quarterly earnings results on Thursday. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.85), reports.

89bio Price Performance

NASDAQ ETNB opened at $10.45 on Friday. 89bio has a fifty-two week low of $6.88 and a fifty-two week high of $16.63. The stock’s 50-day moving average is $8.18 and its two-hundred day moving average is $8.41. The firm has a market cap of $1.03 billion, a P/E ratio of -5.30 and a beta of 1.07. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ETNB. Janus Henderson Group PLC lifted its holdings in 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $146,646,000 after purchasing an additional 3,688,241 shares during the last quarter. RA Capital Management L.P. boosted its holdings in shares of 89bio by 11.8% during the 1st quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock worth $148,607,000 after buying an additional 1,350,000 shares during the period. Candriam S.C.A. grew its stake in 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after buying an additional 538,079 shares during the last quarter. Vanguard Group Inc. grew its stake in 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 buying an additional 415,386 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in 89bio by 22.9% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock worth $25,191,000 after acquiring an additional 402,999 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ETNB. Raymond James cut 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 report on Friday. Royal Bank of Canada reduced 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. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, 89bio has a consensus rating of “Moderate Buy” and an average price target of $30.33.

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.