FY2024 Earnings Estimate for 89bio Issued By Leerink Partnrs

89bio, Inc. (NASDAQ:ETNB) – Analysts at Leerink Partnrs boosted their FY2024 earnings estimates for 89bio in a report issued on Sunday, February 2nd. Leerink Partnrs analyst T. Smith now expects that the company will earn ($2.97) per share for the year, up from their prior forecast of ($3.08). The consensus estimate for 89bio’s current full-year earnings is ($3.21) per share. Leerink Partnrs also issued estimates for 89bio’s Q4 2024 earnings at ($0.57) EPS, FY2025 earnings at ($2.13) EPS, FY2026 earnings at ($2.35) EPS, FY2027 earnings at ($2.14) EPS and FY2028 earnings at $0.32 EPS.

A number of other research analysts also recently weighed in on ETNB. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a report on Saturday. UBS Group upped their target price on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a report on Friday, January 31st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of 89bio in a report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.43.

89bio Trading Up 15.7 %

Shares of 89bio stock opened at $10.75 on Wednesday. The company’s 50 day moving average is $7.85 and its 200 day moving average is $8.20. 89bio has a twelve month low of $5.99 and a twelve month 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 other news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of 89bio stock in a transaction dated Thursday, January 30th. The stock was purchased at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the completion of the purchase, the director now directly owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. This trade represents a 41.29 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rohan Palekar acquired 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $7.89 per share, with a total value of $39,450.00. Following the completion of the purchase, the chief executive officer now owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 5,744,285 shares of company stock valued at $50,235,694 over the last three months. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in shares of 89bio by 3.9% during the fourth quarter. Bank of New York Mellon Corp now owns 248,156 shares of the company’s stock worth $1,941,000 after acquiring an additional 9,314 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of 89bio by 24.3% during the fourth quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock worth $128,000 after acquiring an additional 3,200 shares during the last quarter. Rhumbline Advisers boosted its position in shares of 89bio by 3.3% during the fourth quarter. Rhumbline Advisers now owns 129,980 shares of the company’s stock worth $1,016,000 after acquiring an additional 4,125 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of 89bio by 22.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company’s stock worth $195,000 after acquiring an additional 4,562 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of 89bio during the fourth quarter worth $86,000.

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.