89bio, Inc. (NASDAQ:ETNB) Receives Consensus Rating of “Buy” from Analysts

Shares of 89bio, Inc. (NASDAQ:ETNBGet Rating) have earned a consensus rating of “Buy” from the eight research firms that are currently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $34.88.

A number of research firms recently weighed in on ETNB. HC Wainwright lowered their target price on shares of 89bio from $46.00 to $29.00 in a research note on Thursday, May 12th. Cantor Fitzgerald lowered their target price on shares of 89bio from $41.00 to $27.00 in a research note on Thursday, May 12th. SVB Leerink lowered their target price on shares of 89bio from $62.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, March 25th. Oppenheimer reduced their price target on shares of 89bio from $49.00 to $40.00 in a research report on Friday, May 13th. Finally, Raymond James upgraded shares of 89bio from an “outperform” rating to a “strong-buy” rating and reduced their price target for the company from $33.00 to $12.00 in a research report on Thursday, May 12th.

Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of 89bio by 294.7% during the first quarter. Bank of America Corp DE now owns 418,649 shares of the company’s stock worth $1,578,000 after purchasing an additional 312,587 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in shares of 89bio during the first quarter worth approximately $43,000. Goldman Sachs Group Inc. lifted its position in shares of 89bio by 583.6% during the first quarter. Goldman Sachs Group Inc. now owns 70,036 shares of the company’s stock worth $264,000 after purchasing an additional 59,791 shares in the last quarter. PDT Partners LLC acquired a new position in shares of 89bio during the first quarter worth approximately $88,000. Finally, Orchard Capital Managment LLC lifted its position in shares of 89bio by 9.4% during the first quarter. Orchard Capital Managment LLC now owns 164,293 shares of the company’s stock worth $619,000 after purchasing an additional 14,100 shares in the last quarter. Institutional investors own 91.06% of the company’s stock.

NASDAQ:ETNB opened at $3.19 on Tuesday. The company has a market cap of $64.92 million, a price-to-earnings ratio of -0.64 and a beta of 2.72. The firm’s 50-day moving average is $2.87 and its 200-day moving average is $5.96. 89bio has a 52-week low of $2.00 and a 52-week high of $22.31. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.36 and a current ratio of 7.36.

89bio (NASDAQ:ETNBGet Rating) last posted its earnings results on Wednesday, May 11th. The company reported ($1.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. Equities analysts predict that 89bio will post -4.41 EPS for the current year.

89bio Company Profile (Get Rating)

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.

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Analyst Recommendations for 89bio (NASDAQ:ETNB)

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