89bio, Inc. (NASDAQ:ETNB) Receives $27.56 Average Target Price from Brokerages

89bio, Inc. (NASDAQ:ETNB) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $27.56.

A number of equities research analysts have recently issued reports on ETNB shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. UBS Group upped their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Saturday. Finally, HC Wainwright reiterated a “buy” rating and issued a $21.00 price target (down from $29.00) on shares of 89bio in a research note on Friday, February 28th.

89bio Stock Down 2.4 %

ETNB stock opened at $8.52 on Monday. The firm has a 50 day moving average of $8.94 and a 200 day moving average of $8.42. The stock has a market capitalization of $1.24 billion, a PE ratio of -2.93 and a beta of 1.17. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 52 week low of $5.99 and a 52 week high of $11.84.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.42). Sell-side analysts forecast that 89bio will post -3.19 earnings per share for the current year.

Insider Activity

In related news, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles Mcwherter acquired 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were acquired at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Institutional investors have recently made changes to their positions in the company. Quest Partners LLC grew its stake in 89bio by 172.1% during the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after buying an additional 13,961 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of 89bio during the third quarter valued at $160,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock valued at $5,336,000 after purchasing an additional 53,932 shares during the last quarter. Algert Global LLC lifted its holdings in shares of 89bio by 103.4% during the third quarter. Algert Global LLC now owns 62,217 shares of the company’s stock valued at $460,000 after purchasing an additional 31,630 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in 89bio by 29.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after acquiring an additional 686,673 shares in 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.