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SAN FRANCISCO, CA — 89bio, Inc. (NASDAQ:ETNB), a pharmaceutical company specializing in the development of innovative therapies with a market capitalization of $1.45 billion, announced the results of its 2025 Annual Meeting of Stockholders held on Wednesday, May 28, 2025. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it’s currently not profitable. The meeting, which took place at 9:00 a.m. Pacific Time, saw the election of the company’s director nominees and the approval of all proposed agenda items.
The company, which is incorporated in Delaware and listed on The Nasdaq Global Market under the ticker symbol (NASDAQ:ETNB), confirmed that as of April 3, 2025, there were 145,984,182 shares of common stock entitled to vote. The stock has shown strong momentum, delivering a 26% return over the past year, with InvestingPro analysis suggesting the stock is currently trading near its Fair Value. The final vote tallies indicated strong support for the election of the Class III directors, with Martin Babler, Derek DiRocco, Ph.D., and Lota Zoth, C.P.A., securing their positions on the board.
Furthermore, the appointment of KPMG LLP as the company’s independent auditor was ratified, and the advisory vote on executive compensation was passed. The specific vote results were as follows:
- Martin Babler received 104,787,288 votes for, 19,874,826 withheld, and there were 9,430,895 broker non-votes.
- Derek DiRocco, Ph.D., garnered 63,538,191 votes for, 61,123,923 withheld, alongside 9,430,895 broker non-votes.
- Lota Zoth, C.P.A., obtained 121,166,878 votes for, 3,495,236 withheld, with 9,430,895 broker non-votes.
- The ratification of KPMG LLP as independent auditor received 134,065,959 votes for, 25,635 against, and 1,415 abstentions.
- The advisory vote on executive compensation had 114,892,045 votes for, 9,734,420 against, 35,649 abstentions, and 9,430,895 broker non-votes.
The company’s Chief Executive Officer, Rohan Palekar, signed off on the SEC filing dated May 30, 2025, confirming the accuracy of the report in compliance with the Securities Exchange Act of 1934. The announcement of the meeting’s outcomes is based on a press release statement. Looking ahead, analysts maintain a bullish outlook on ETNB, with price targets ranging from $12 to $55. For deeper insights into 89bio’s financial health and growth prospects, including 8 additional ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, 89bio Inc . has been the focus of several analyst updates following its latest earnings report and clinical trial developments. Cantor Fitzgerald adjusted its price target for 89bio to $55, slightly down from $58, while maintaining an Overweight rating. The firm remains optimistic about 89bio’s lead product candidate, pegozafermin, particularly in its ongoing Phase 3 trials for MASH. Meanwhile, Goldman Sachs initiated coverage on 89bio with a Neutral rating and a price target of $11, expressing cautious optimism pending further trial data. H.C. Wainwright also adjusted its price target for 89bio to $21, down from $29, but maintained a Buy rating, emphasizing confidence in pegozafermin’s potential for treating severe hypertriglyceridemia.
Cantor Fitzgerald reiterated its Overweight rating with a $29 price target, highlighting the company’s strong financial position and updated timelines for its Phase 3 trials. 89bio ended the previous year with $440 million in cash, bolstered by an additional $288 million raised earlier this quarter. The company plans to release topline data from its Phase 3 trials in 2026 and 2027, aiming for accelerated approval in the U.S. and EU. Analysts from Cantor Fitzgerald suggest that the similar timelines for 89bio and competitor Akero Therapeutics (NASDAQ:AKRO) present a potential buying opportunity. These developments underscore the ongoing interest and cautious optimism surrounding 89bio’s progress in addressing liver and cardiometabolic diseases.
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