FY2024 Earnings Estimate for 89bio Issued By Leerink Partnrs

89bio, Inc. (NASDAQ:ETNB - Free Report) - Leerink Partnrs increased their FY2024 earnings per share estimates for 89bio in a report released on Sunday, February 2nd. Leerink Partnrs analyst T. Smith now forecasts that the company will post earnings of ($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 ($3.19) 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.

Other analysts have also recently issued reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a research report on Saturday, February 1st. HC Wainwright restated a "buy" rating and set a $29.00 price objective on shares of 89bio in a research report on Tuesday, January 21st. Raymond James upgraded 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 price target on shares of 89bio in a research report on Thursday, January 2nd. Finally, UBS Group boosted their price objective on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $31.43.

89bio Stock Performance

Shares of ETNB traded down $0.02 on Wednesday, reaching $11.41. 1,402,271 shares of the stock traded hands, compared to its average volume of 3,832,894. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -3.92 and a beta of 1.17. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio has a 12 month low of $5.99 and a 12 month high of $16.63. The stock's 50-day moving average price is $8.03 and its 200-day moving average price is $8.28.

Insider Buying and Selling

In related news, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction on Friday, November 22nd. The shares were purchased at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the purchase, the chief executive officer now directly owns 466,236 shares in the company, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles Mcwherter acquired 5,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were bought at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the purchase, the director now owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 5,744,285 shares of company stock valued at $50,235,694. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On 89bio

Hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. bought a new position in shares of 89bio in the 2nd quarter valued at $66,000. Kingswood Wealth Advisors LLC bought a new position in shares of 89bio in the 4th quarter valued at $86,000. Victory Capital Management Inc. increased its stake in shares of 89bio by 11.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after purchasing an additional 1,437 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock valued at $128,000 after purchasing an additional 3,200 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company's stock valued at $151,000 after purchasing an additional 8,810 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.