Core Insights - 89BIO (ETNB) is showing potential for a bullish breakout as it has reached a key support level and experienced a "golden cross" where its 50-day simple moving average crossed above its 200-day simple moving average [1] - The golden cross is a significant technical indicator that suggests a positive trend reversal after a downtrend, leading to potential upward momentum in stock prices [2] Technical Analysis - ETNB has moved 67.4% higher over the last four weeks, indicating strong upward momentum [3] - The company is currently rated 2 (Buy) on the Zacks Rank, reflecting positive market sentiment [3] Earnings Expectations - There have been two upward revisions in earnings expectations for the current quarter, with no downward revisions in the past 60 days, which supports the bullish outlook for ETNB [3][4] - The Zacks Consensus Estimate for ETNB has also increased, further reinforcing investor confidence in the stock's upward trajectory [3]

Core Viewpoint - 89BIO (ETNB) has shown significant price appreciation of 67.4% over the past four weeks, with a mean price target of $30.67 indicating a potential upside of 171.4% from the current price of $11.30 [1] Price Target Analysis - The average price target consists of nine estimates ranging from a low of $12 to a high of $49, with a standard deviation of $11.43, indicating variability among analysts [2] - The lowest estimate suggests a 6.2% increase, while the highest points to a 333.6% upside, highlighting the range of analyst expectations [2] - A low standard deviation signifies a strong agreement among analysts regarding the stock's price movement direction [7] Analyst Sentiment - Analysts exhibit growing optimism about ETNB's earnings prospects, as evidenced by upward revisions in EPS estimates, which correlate with potential stock price increases [9] - Over the last 30 days, two earnings estimates have been revised upward, leading to a 21.5% increase in the Zacks Consensus Estimate [10] - ETNB holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting strong potential for upside [11] Caution on Price Targets - While price targets are commonly referenced, they can mislead investors, as empirical research indicates they often do not accurately predict stock price movements [5][6] - Investors are advised to treat price targets with skepticism and not base investment decisions solely on them [8]

Core Viewpoint - Shares of 89BIO (ETNB) have increased by 20.6% in the past four weeks, closing at $9.60, with a mean price target of $30.63 indicating a potential upside of 219.1% [1] Price Targets and Estimates - The mean estimate consists of eight short-term price targets with a standard deviation of $10.35, where the lowest estimate of $12 suggests a 25% increase, and the highest estimate of $49 indicates a potential surge of 410.4% [2] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement direction [7] Earnings Estimates - Analysts have shown increasing optimism about ETNB's earnings prospects, with a positive trend in earnings estimate revisions correlating with potential stock price increases [9] - Over the last 30 days, one earnings estimate has increased, leading to a 16.8% rise in the Zacks Consensus Estimate for the current year [10] Zacks Rank - ETNB holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [11] Conclusion on Price Targets - While the consensus price target may not reliably indicate the extent of ETNB's potential gains, it does provide a useful guide for the direction of price movement [12]

Core Viewpoint - 89bio, Inc. has successfully closed a public offering of 25,957,142 shares of common stock, raising approximately $287.5 million before expenses, to support its clinical development efforts in liver and cardiometabolic diseases [1][2]. Group 1: Offering Details - The public offering price was set at $8.75 per share, with underwriters fully exercising their option to purchase an additional 4,285,714 shares [1]. - In addition to common stock, pre-funded warrants to purchase up to 6,900,000 shares were offered at a price of $8.749 each, which is equivalent to the public offering price minus the exercise price [1]. Group 2: Company Overview - 89bio is a clinical-stage biopharmaceutical company focused on developing therapies for liver and cardiometabolic diseases, particularly targeting metabolic dysfunction-associated steatohepatitis and severe hypertriglyceridemia [5]. - The company's lead candidate, pegozafermin, is a fibroblast growth factor 21 analog designed with glycoPEGylated technology to enhance biological activity through an extended half-life [5].

Group 1 - 89bio is focusing on Pegozafermin, which utilizes a fibroblast growth factor 21 (FGF21) approach to address metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG) [1] - Pegozafermin is currently in advanced trials for both MASH and SHTG, with topline data for SHTG expected to be released by the second half of the year [1]

Company Overview - 89bio, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for liver and cardiometabolic diseases, particularly targeting patients with limited treatment options [5] - The company is advancing its lead candidate, pegozafermin, through Phase 3 clinical development for metabolic dysfunction-associated steatohepatitis and severe hypertriglyceridemia [5] Offering Details - 89bio announced a public offering of 21,671,428 shares of common stock at a price of $8.75 per share, along with pre-funded warrants for up to 6,900,000 shares at a price of $8.749 [1] - The gross proceeds from the offering are expected to be approximately $250 million before deducting underwriting discounts and commissions [1] - The offering is expected to close on or about January 30, 2025, subject to customary closing conditions [1] Underwriters - Goldman Sachs & Co. LLC, Leerink Partners, and BofA Securities are acting as lead book-running managers for the offering, with Cantor acting as book-running manager [2]

Core Viewpoint - 89bio is planning to raise up to $287.5 million through a secondary stock issue, which has led to investor hesitation despite a positive broader market performance [1][2]. Group 1: Stock Offering Details - The company intends to conduct an underwritten public offering of $250 million worth of its common stock, with an additional 30-day option for underwriters to purchase up to $37.5 million more [2]. - The underwriting syndicate is led by Goldman Sachs, Bank of America Securities, and Leerink Partners [2]. Group 2: Use of Proceeds - Proceeds from the stock issue will be allocated to funding clinical activities and the development of the drug pegozafermin, as well as manufacturing-related expenses [4]. - Additional funds will be directed towards general corporate purposes, including working capital and operating costs [4]. Group 3: Market Reaction and Investor Sentiment - The announcement of the stock issue has raised concerns about potential dilution for existing shareholders, particularly given the company's market cap of less than $1.06 billion [5]. - Despite these concerns, it is acknowledged that funding is a common challenge for clinical-stage biotechs, and such stock sales are often necessary to maintain liquidity [5].

SAN FRANCISCO, Jan. 27, 2025 (GLOBE NEWSWIRE) -- 89bio, Inc. ("89bio") (NASDAQ:ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced that it has commenced an underwritten public offering of $250.0 million of shares of its common stock or, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase shares of its common stock. In additio ...

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– Completed enrollment in Phase 3 ENTRUST trial in patients with severe hypertriglyceridemia (SHTG); topline 26-week data expected in the second half of 2025 – – The Phase 3 ENLIGHTEN program in patients with non-cirrhotic (F2-F3) and compensated cirrhotic (F4) metabolic dysfunction-associated steatohepatitis (MASH) continues to enroll patients across both trials – – Cash, cash equivalents, and marketable securities totaled approximately $440 million as of December 31, 2024 – SAN FRANCISCO, Jan. 13, 2025 (G ...