89bio (NASDAQ:ETNB – Get Rating) had its target price increased by Raymond James from $14.00 to $25.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a strong-buy rating on the stock.
Other research analysts also recently issued research reports about the company. Oppenheimer lowered their price objective on 89bio from $40.00 to $15.00 and set an outperform rating for the company in a research note on Thursday, June 30th. BTIG Research decreased their target price on shares of 89bio from $28.00 to $24.00 and set a buy rating for the company in a research report on Wednesday, June 29th. HC Wainwright increased their target price on shares of 89bio from $26.00 to $27.00 and gave the company a buy rating in a research report on Wednesday, August 17th. Piper Sandler decreased their target price on shares of 89bio from $54.00 to $19.00 and set an overweight rating for the company in a research report on Tuesday, May 17th. Finally, Royal Bank of Canada increased their target price on shares of 89bio to $35.00 in a research report on Wednesday, June 29th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Buy and a consensus target price of $25.13.
89bio Stock Down 10.3 %
Shares of NASDAQ ETNB opened at $6.28 on Wednesday. The stock has a 50-day moving average price of $4.12 and a two-hundred day moving average price of $3.56. 89bio has a 12 month low of $2.00 and a 12 month high of $21.47. The company has a current ratio of 5.45, a quick ratio of 5.45 and a debt-to-equity ratio of 0.15. The company has a market cap of $127.80 million, a price-to-earnings ratio of -1.21 and a beta of 1.68.
Insiders Place Their Bets
In other 89bio news, Director Ra Capital Management, L.P. purchased 2,816,900 shares of the business’s stock in a transaction on Friday, July 1st. The shares were purchased at an average cost of $3.55 per share, for a total transaction of $9,999,995.00. Following the acquisition, the director now owns 7,782,669 shares of the company’s stock, valued at $27,628,474.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 11.80% of the company’s stock.
Hedge Funds Weigh In On 89bio
A number of institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC bought a new position in shares of 89bio in the 1st quarter worth $34,000. Penn Mutual Asset Management LLC bought a new position in shares of 89bio in the 1st quarter worth $39,000. Rhumbline Advisers bought a new position in shares of 89bio in the 1st quarter worth $42,000. Mirabella Financial Services LLP bought a new position in shares of 89bio in the 1st quarter worth $43,000. Finally, Virtu Financial LLC bought a new position in shares of 89bio in the 2nd quarter worth $65,000.
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.
- Get a free copy of the StockNews.com research report on 89bio (ETNB)
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