Royal Bank of Canada Cuts 89bio (NASDAQ:ETNB) Price Target to $12.00

89bio (NASDAQ:ETNB) had its target price trimmed by Royal Bank of Canada from $13.00 to $12.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a sector perform rating on the stock.

ETNB has been the subject of a number of other reports. Evercore ISI decreased their price target on 89bio from $37.00 to $33.00 and set an outperform rating for the company in a research note on Wednesday, May 15th. Cantor Fitzgerald reiterated an overweight rating and issued a $29.00 price target on shares of 89bio in a research note on Monday, July 1st. HC Wainwright reiterated a buy rating and issued a $29.00 price target on shares of 89bio in a research note on Tuesday. Finally, Bank of America reiterated a buy rating and issued a $30.00 price target on shares of 89bio in a research note on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $30.14.

89bio Stock Down 2.4 %

Shares of NASDAQ ETNB traded down $0.19 during mid-day trading on Tuesday, reaching $7.80. 394,878 shares of the company were exchanged, compared to its average volume of 1,094,478. The company has a quick ratio of 15.03, a current ratio of 15.03 and a debt-to-equity ratio of 0.05. The stock has a market cap of $767.40 million, a price-to-earnings ratio of -3.88 and a beta of 1.10. 89bio has a 1 year low of $6.57 and a 1 year high of $18.30. The firm has a 50-day moving average of $8.41 and a 200 day moving average of $9.53.

89bio (NASDAQ:ETNB) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.08. During the same period in the previous year, the firm earned ($0.52) EPS. On average, research analysts expect that 89bio will post -2.42 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in 89bio by 4.6% during the third quarter. Vanguard Group Inc. now owns 3,525,782 shares of the company’s stock worth $54,438,000 after buying an additional 155,841 shares in the last quarter. SG Americas Securities LLC purchased a new position in 89bio during the fourth quarter worth approximately $316,000. Raymond James & Associates lifted its position in 89bio by 5.3% during the fourth quarter. Raymond James & Associates now owns 108,403 shares of the company’s stock worth $1,211,000 after buying an additional 5,415 shares in the last quarter. Arizona State Retirement System increased its stake in 89bio by 39.5% during the fourth quarter. Arizona State Retirement System now owns 20,257 shares of the company’s stock worth $226,000 after acquiring an additional 5,734 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in 89bio by 350.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company’s stock worth $1,021,000 after acquiring an additional 70,000 shares during the last quarter.

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.