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89bio, Inc.NasdaqGM:ETNB Stock Report

Market Cap US$2.3b
Share Price
US$14.84
US$29.3
49.4% undervalued intrinsic discount
1Y85.7%
7D0.3%
Portfolio Value
​
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89bio, Inc.

NasdaqGM:ETNB Stock Report

Market Cap: US$2.3b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

89bio (ETNB) Stock Overview

A clinical-stage biopharmaceutical company, engages in the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. More details

ETNB fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance0/6
Financial Health5/6
Dividends0/6

Risk Analysis

Shareholders have been substantially diluted in the past year

Makes less than USD$1m in revenue ($0)

Highly volatile share price over the past 3 months compared to the US market

Currently unprofitable and not forecast to become profitable over the next 3 years


ETNB Community Fair Values

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89bio, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for 89bio
Historical stock prices
Current Share PriceUS$14.84
52 Week HighUS$15.06
52 Week LowUS$4.16
Beta1.26
1 Month Change0.95%
3 Month Change56.21%
1 Year Change85.73%
3 Year Change59.40%
5 Year Change-40.45%
Change since IPO-28.65%

Recent News & Updates

Seeking Alpha • Sep 18

89bio: Pegozafermin MASH Drug Advancement Nets Roche Acquisition

Summary Roche has agreed to acquire 89bio for up to $3.5 billion, driven by pegozafermin's promise in MASH and SHTG. ETNB shareholders will receive $14.50 per share in cash upfront, with an additional $6.00 per share via non-tradeable CVRs tied to milestones. Pegozafermin's best-in-disease profile and accelerated approval pathways for MASH were key to Roche's interest, despite competition from GSK and Akero. The acquisition relieves ETNB's cash runway concerns, but risks remain regarding deal closure, milestone achievement, and competitive landscape. Read the full article on Seeking Alpha
Analysis Article • May 22

Is 89bio (NASDAQ:ETNB) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Seeking Alpha • Apr 17

89bio: Primary Asset Targeting 2 Potential Indications And Is In Late-Stage Development

Summary 89bio, Inc. is a clinical-stage biotech focused on liver and cardio-metabolic diseases, with its lead drug candidate pegozafermin in late-stage development. Analysts are mostly optimistic on the company, and 89bio has recently addressed its near-term funding needs. ETNB stock is trading much lower than the first time I looked at it just over a year and a half ago. An updated analysis around 89bio, Inc. follows in the paragraphs below. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Sep 18

89bio: Pegozafermin MASH Drug Advancement Nets Roche Acquisition

Summary Roche has agreed to acquire 89bio for up to $3.5 billion, driven by pegozafermin's promise in MASH and SHTG. ETNB shareholders will receive $14.50 per share in cash upfront, with an additional $6.00 per share via non-tradeable CVRs tied to milestones. Pegozafermin's best-in-disease profile and accelerated approval pathways for MASH were key to Roche's interest, despite competition from GSK and Akero. The acquisition relieves ETNB's cash runway concerns, but risks remain regarding deal closure, milestone achievement, and competitive landscape. Read the full article on Seeking Alpha
Analysis Article • May 22

Is 89bio (NASDAQ:ETNB) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Seeking Alpha • Apr 17

89bio: Primary Asset Targeting 2 Potential Indications And Is In Late-Stage Development

Summary 89bio, Inc. is a clinical-stage biotech focused on liver and cardio-metabolic diseases, with its lead drug candidate pegozafermin in late-stage development. Analysts are mostly optimistic on the company, and 89bio has recently addressed its near-term funding needs. ETNB stock is trading much lower than the first time I looked at it just over a year and a half ago. An updated analysis around 89bio, Inc. follows in the paragraphs below. Read the full article on Seeking Alpha
Seeking Alpha • Jan 30

89bio's Pegozafermin Is Now Gaining Momentum

Summary 89bio's main value driver is Pegozafermin. It has two Phase 3 trials: one for MASH and the other for SHTG. Management mentioned we should get its SHTG topline data by 2H2025. This could be a pivotal milestone for ETNB's long-term prospects. After AKRO’s recent Phase 2b data, I think ETNB’s prospects have improved because it indirectly validated its FGF21 approach as well. I still have some cash burn concerns, even after the recent $250 million raise. However, ETNB has ample upside potential if it’s successful. Read the full article on Seeking Alpha
Seeking Alpha • Jan 13

89bio: Advancement Of Pegozafermin For SHTG Is Another Path Forward

Summary 89bio, Inc. results from the phase 3 ENTRUST study using pegozafermin for the treatment of patients with Severe Hypertriglyceridemia are expected in the 2nd half of 2025. Prior data from the phase 2 ENTRIGUE study indicated that patients treated with all doses of pegozafermin were able to achieve the primary endpoint with statistical significance. The global severe hypertriglyceridemia treatment market is expected to reach $2.67 billion by 2033. Pegozafermin is also being explored in the two phase 3 studies ENLIGHTEN-fibrosis and ENLIGHTEN-cirrhosis, which target patients with non-cirrhotic F2-F3 MASH and compensated cirrhotic F4 MASH. Read the full article on Seeking Alpha
Seeking Alpha • Oct 29

89bio: Surviving A Competitive Space - For Now

Summary Madrigal's resmetirom approval impacted THR-β stocks positively, while non-THR-β stocks like 89bio's pegozafermin fell, highlighting a market preference for THR-β mechanisms. Pegozafermin, an FGF21 analog, showed promising Phase 2b results, but faces competition from other FGF21 molecules and GLP-1 drugs with strong efficacy. The MASH market is expected to diversify across multiple mechanisms, suggesting a strategy of spreading investments rather than focusing on a single approach. ETNB has a solid financial runway but faces risks from GLP-1 data and competition within the FGF21 space, making it a Hold for now. Read the full article on Seeking Alpha
Analysis Article • Sep 26

Health Check: How Prudently Does 89bio (NASDAQ:ETNB) Use Debt?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha • Aug 07

89bio: Bullish In Light Of Further MOA Being Established By Peer

Summary 89bio, Inc. has two phase 3 studies underway, known as ENLIGHTEN-Fibrosis and ENLIGHTEN-Cirrhosis, which are using pegozafermin to target F2 — F3 and F4 compensated cirrhosis MASH patients respectively. The promise of the two ongoing phase 3 ENLIGHTEN studies is that there was alignment gained with the FDA that each could use an interim analysis endpoint for potential Accelerated Approval. The global non-alcoholic steatohepatitis market is projected to reach $24.26 billion by 2028. Results from the ongoing phase 3 ENTRUST study, using pegozafermin for the treatment of patients with severe hypertriglyceridemia, expected in 2025. Read the full article on Seeking Alpha
Seeking Alpha • May 23

89bio: Pegozafermin Could Be A Game-Changer For Liver Disease - Strong Buy

Summary 89bio is a clinical-stage biopharmaceutical company that develops therapies for liver and cardiometabolic conditions. Their drug candidate, pegozafermin, has shown positive results in reducing liver fat and insulin resistance and is in phase 3 trials for metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Pegozafermin has the potential to tap into a large market and has been granted FDA Breakthrough Therapy designation for treating MASH with fibrosis. Due to its metabolic regulation properties, pegozafermin's broader potential includes applications in Type 2 Diabetes, obesity, and other inflammatory diseases. I rate ETNB stock a “strong buy” due to Pegozafermin’s promising clinical data, substantial market potential, and robust financials. Read the full article on Seeking Alpha
Seeking Alpha • Oct 06

89bio Still Has A Chance As NASH Race Heats Up

Summary 89bio's share price is up >100% over the past three months. The company is developing Pegozafermin, a potential therapy for NASH and SHTG. Data released by Akero for its drug Efruxifermin - which has the same mechanism of action as Pego - suggested it would meet the FDA's approval criteria in NASH. 89bio will release Phase 2b NASH data in Q123 - there's a chance its data could be as strong as Akero's. 89Bio is a gamble - this is a small biotech taking on industry giants in a field where no drug has ever been approved. Risk-on investors may sense opportunity, however. Overview - Akero's Data for FGF21 Mimic EFX Is Best In Class For NASH - 89bio's Pegozafermin Has Same MoA At the beginning of September, the share price of Akero Therapeutics (AKRO) - a small biotech ~7% owned by Pharma giant Pfizer (PFE) - rose from $12, to $27, and a few days later, from $27, to $40 - an overall gain of 233%. The reason for the gains was the company's publication of data from a Phase 2b trial - HARMONY - of its lead asset, Efruxifermin ("EFX') in patients with pre-cirrhotic nonalcoholic steatohepatitis ("NASH"), fibrosis stage 2 or 3 ("F2-F3"). In the study, at the 50mg and 28mg dose levels, 41% and 39% of EFX-treated patients respectively experienced at least a one-stage improvement in liver fibrosis with no worsening of NASH by Week 24, compared to 20% within the placebo group. The secondary goal of the study - achieving NASH resolution without worsening of fibrosis - also was achieved, with 76% of the 50mg arm and 47% of the 28mg arm meeting this criteria, vs. 15% of patients in the placebo arm. Given that the FDA's approval criteria for a NASH drug is improvement of ≥1 stage in fibrosis with no worsening of NASH, or improvement in NASH resolution with no worsening of fibrosis, hopes are high that Akero could wind up winning the "NASH Dash," the race to be the first drug approved to treat the disease, which has a prevalence of ~16.5m cases, expected to rise to 27m cases by 2030, and is the "fastest growing reason for a liver transplant in the United States," according to the subject of this article - 89bio (ETNB). Akero's drug EFX is engineered to mimic the biological activity profile of native FGF21. As I explained in my last note on 89bio: FGF21 is an "endogenous metabolic hormone that regulates energy homeostasis, glucose-lipid-protein metabolism and insulin sensitivity", which is secreted primarily by the liver, and has been clinically proven to reduce liver steatosis by increasing fatty acid oxidation, reducing free fatty acid deposits migrating from peripheral tissue to the liver, and reducing de-novo lipogenesis ("DNL"). 89bio has developed its own NASH candidate, now called Pegozafermin, which is a "a specifically engineered glycoPEGylated analog of fibroblast growth factor 21 (“FGF21”)." In other words, it had the same mechanism of action ("MoA") as Akero's EFX. A third company, pharma giant Novo Nordisk (NVO), also has a NASH candidate targeting FGF21. 89bio's share price has also been rising in recent months - by >140% since early July, no doubt due to the progress being made by Akero, but while Akero's market cap valuation currently stands at $1.83bn, 89bio's is just $266m 89bio - Progress to Date In an expansion cohort of a Phase 1b/2a study, in which 19 of 20 patients received end-of-treatment biopsies, Pegozafermin demonstrated clinically meaningful changes on endpoints including 26% of patients achieving a one-point or more improvement in fibrosis, and 47% achieving NASH resolution or improvement in fibrosis. The data does not seem quite as strong as Akero's, although there was only one patient withdrawal, out of 81 total patients, vs. five in the EFX study, out of 72 patients, suggesting Pegozafermin may have the superior safety profile. Pegozafermin also performed well across a host of other endpoints, including NAFLD Activity Score (NAFLD stands for Non-alcoholic Fatty Liver Disease which can lead to NASH) - 63% of patients had a 2-point or more improvement in NASH and no worsening of fibrosis - liver fat reduction - 50% of patients in Cohort 6 achieved a 50% of higher reduction in liver fat, and >70% in Cohort 4 and 7 - and reduction in alanine transaminase ("ALT") levels, with the same cohorts all achieving >40% reduction, versus 4% of the placebo arm. Based on the positive data, 89bio now has a fully enrolled Phase 2b study - ENLIVEN - ongoing, as shown in the diagram below: 89Bio Phase 2b study design (89Bio) The study will read out data in Q123, management promises in its Q222 10Q submission, whilst also noting that it has: completed a pharmacokinetic study of pegozafermin in NASH patients with compensated cirrhosis (fibrosis stage F4) demonstrating that pegozafermin 30 mg has similar single-dose pharmacokinetics and pharmacodynamics in F4 as it does in non-cirrhotic NASH. In other words, if the drug works in F2 and F3 patients, it could potentially work in F4 stage patients also, who have a more debilitating form of the disease, as shown below. NASH explained (89Bio) In short, 89bio's drug Pegozafermin appears to tick a lot of the boxes required to position itself as a genuine contender in the "NASH Dash," an admittedly crowded field, encompassing many different approaches and drug classes. It's interesting to note a comparison made by 89bio between leading contenders in the race to approval. NASH contenders compared (89Bio) Once again, EFX appears to have the slight edge over its competitors at this stage - and bear in mind this table was created by 89bio - but it doesn't seem impossible that Pegozafermin could make up the small differences in a larger trial. Akero is planning a second Phase B study in NASH patients whose condition is worse than in its HARMONY study, with results expected to be available next year, as well as a Phase 3 study. Meanwhile, Madrigal Pharmaceuticals has reported positive data from a Phase trial in NAFLD, and has a second Phase 3 ongoing that includes some patients with non-cirrhotic NASH. Sizing Up The Market NASH is a potentially massive (~$30bn+) market - as mentioned above, close to 30m people in the US may be diagnosed with the disease by 2030 - although it's not necessarily a clearly defined market. For example, many patients with NASH also have Type 2 diabetes, and two major drugs have recently hit the Type 2 diabetes market - Eli Lilly's (LLY) Mounjaro, and Novo Nordisk's Ozempic, that are also indicated to treat obesity under different brand names - Lilly's Tirzepatide is not yet approved in obesity (it will be approved under a different name to Mounjaro), while Novo Nordisk's once-weekly semaglutide subcutaneous injection is approved in obesity under the brand name Wegovy. These two drugs are forecast to potentially generate peak sales of >$20bn, and may be prescribed off-label to treat NASH, meaning that drugs approved specifically for NASH, such as Pegozafermin and EFX, could struggle to find a market. Additionally, many physicians have expressed unwillingness to prescribe drugs to treat NASH, preferring to encourage patients to embrace healthier lifestyle choices. Nevertheless, the response to Akero's data suggests that the market believes a drug approved for NASH could thrive, and in 89bio's case, with its small market cap valuation, it's not hard to see the share price rocketing if data from the Phase 2b is genuinely competitive. The path to commercial success would be tricky - 89bio reported a cash position of just $139m as of Q222, and management does not have the necessary experience - although the company could raise huge sums if the share price spikes without upsetting its existing shareholders, and make some key hires - who wouldn't want to work on the commercialization of one of the first ever approved NASH drugs?
Seeking Alpha • Aug 18

89bio completes enrollment in phase 2 trial for NASH treatment

89bio (NASDAQ:ETNB) said it had completed enrollment of 219 patients in the Phase 2b trial of its drug, pegozafermin, to treat NASH. The company expects to report topline data from the trial, Enliven, in the first quarter of 2023. ENLIVEN is a placebo-controlled Phase 2b trial in biopsy-confirmed NASH patients with fibrosis stage 2 or 3. Patients will receive either one of two weekly doses (15mg or 30mg) or an every two-week dose (44mg) of pegozafermin in a liquid formulation or placebo for 24 weeks.
Seeking Alpha • Jul 07

89Bio rallies on Deep Track Capital disclosing 10% stake

89Bio (NASDAQ:ETNB) announced that Deep Track Capital disclosed a 9.99% stake in the company which equals to 4.3M shares ownership. Shares trading 12% higher premarket. Quick look at ownership structure:

Shareholder Returns

ETNBUS BiotechsUS Market
7D0.3%-3.0%-0.3%
1Y85.7%32.9%26.7%

Return vs Industry: ETNB exceeded the US Biotechs industry which returned 3.9% over the past year.

Return vs Market: ETNB exceeded the US Market which returned 18.7% over the past year.

Price Volatility

Is ETNB's price volatile compared to industry and market?
ETNB volatility
ETNB Average Weekly Movement24.2%
Biotechs Industry Average Movement10.9%
Market Average Movement7.2%
10% most volatile stocks in US Market16.2%
10% least volatile stocks in US Market3.2%

Stable Share Price: ETNB's share price has been volatile over the past 3 months compared to the US market.

Volatility Over Time: ETNB's weekly volatility has increased from 16% to 24% over the past year.

About the Company

FoundedEmployeesCEOWebsite
201893Rohan Palekarwww.89bio.com

89bio, Inc., a clinical-stage biopharmaceutical company, engages in 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 metabolic dysfunction-associated steatohepatitis and hypertriglyceridemia. The company was founded in 2018 and is headquartered in San Francisco, California.

89bio, Inc. Fundamentals Summary

How do 89bio's earnings and revenue compare to its market cap?
ETNB fundamental statistics
Market capUS$2.31b
Earnings (TTM)-US$450.21m
Revenue (TTM)n/a
0.0x
P/S Ratio
-5.1x
P/E Ratio

Is ETNB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
ETNB income statement (TTM)
RevenueUS$0
Cost of RevenueUS$0
Gross ProfitUS$0
Other ExpensesUS$450.21m
Earnings-US$450.21m

Last Reported Earnings

Jun 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)-2.89
Gross Margin0.00%
Net Profit Margin0.00%
Debt/Equity Ratio6.9%

How did ETNB perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/29 16:32
End of Day Share Price 2025/10/29 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

89bio, Inc. is covered by 4 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Geoffrey MeachamCitigroup Inc
Andrea NewkirkGoldman Sachs
Andrea NewkirkGoldman Sachs