FY2029 Earnings Forecast for 89bio Issued By Leerink Partnrs

89bio, Inc. (NASDAQ:ETNB) – Leerink Partnrs lifted their FY2029 earnings per share (EPS) estimates for shares of 89bio in a report released on Friday, February 28th. Leerink Partnrs analyst T. Smith now anticipates that the company will post earnings of $3.71 per share for the year, up from their prior forecast of $3.68. The consensus estimate for 89bio’s current full-year earnings is ($3.19) per share.

89bio (NASDAQ:ETNB) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.42).

ETNB has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective (down previously from $29.00) on shares of 89bio in a report on Friday. Wolfe Research assumed coverage on 89bio in a research report on Tuesday, February 4th. They issued an “outperform” rating for the company. UBS Group increased their price objective on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Raymond James upgraded 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.29.

89bio Stock Performance

NASDAQ ETNB opened at $8.88 on Monday. The stock has a 50-day simple moving average of $8.77 and a two-hundred day simple moving average of $8.48. The firm has a market capitalization of $942.40 million, a P/E ratio of -3.05 and a beta of 1.17. 89bio has a fifty-two week low of $5.99 and a fifty-two week high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Insider Transactions at 89bio

In related news, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the sale, the insider now directly owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. This represents a 3.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rohan Palekar bought 5,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the acquisition, the chief executive officer now directly owns 471,236 shares in the company, valued at $3,718,052.04. This represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 5,734,285 shares of company stock valued at $50,152,194. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Several hedge funds and other institutional investors have recently bought and sold shares of ETNB. Federated Hermes Inc. grew its position in shares of 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares during the period. Quarry LP purchased a new position in 89bio in the 4th quarter worth approximately $55,000. Kingswood Wealth Advisors LLC purchased a new position in 89bio in the 4th quarter valued at about $86,000. Hsbc Holdings PLC bought a new position in 89bio during the 4th quarter valued at $87,000. Finally, Sandia Investment Management LP boosted its holdings in 89bio by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after purchasing an additional 2,500 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.