89bio, Inc. (NASDAQ:ETNB – Get Free Report)’s share price dropped 5% during mid-day trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $13.00 to $12.00. Royal Bank of Canada currently has a sector perform rating on the stock. 89bio traded as low as $7.93 and last traded at $7.97. Approximately 177,239 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 1,100,741 shares. The stock had previously closed at $8.39.
A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, July 1st. Evercore ISI dropped their price objective on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Tuesday. Finally, Bank of America reissued a “buy” rating and set a $30.00 price objective on shares of 89bio in a research note on Monday, April 22nd. Two investment 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. Based on data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and an average target price of $30.14.
Read Our Latest Research Report on 89bio
Institutional Trading of 89bio
89bio Stock Performance
The company has a market cap of $758.54 million, a price-to-earnings ratio of -3.84 and a beta of 1.10. The stock’s fifty day simple moving average is $8.41 and its two-hundred day simple moving average is $9.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.03 and a current ratio of 15.03.
89bio (NASDAQ:ETNB – Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter last year, the business posted ($0.52) earnings per share. Equities research analysts anticipate that 89bio, Inc. will post -2.42 EPS for the current year.
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.
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