89bio (NASDAQ:ETNB – Get Rating) had its price objective reduced by Royal Bank of Canada from $35.00 to $29.00 in a research note published on Friday morning, The Fly reports. They currently have an outperform rating on the stock.
Other equities research analysts also recently issued reports about the company. Raymond James raised their target price on 89bio from $14.00 to $25.00 and gave the company a strong-buy rating in a report on Wednesday, September 14th. HC Wainwright raised their target price on 89bio from $26.00 to $27.00 and gave the company a buy rating in a report on Wednesday, August 17th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $24.38.
89bio Stock Performance
NASDAQ ETNB opened at $10.05 on Friday. The firm has a market capitalization of $204.53 million, a P/E ratio of -2.31 and a beta of 1.57. 89bio has a 1-year low of $2.00 and a 1-year high of $18.15. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.45 and a quick ratio of 5.45. The business’s 50-day simple moving average is $7.25 and its 200-day simple moving average is $4.78.
Insiders Place Their Bets
In other 89bio news, Director Ra Capital Management, L.P. acquired 1,172,741 shares of the company’s stock in a transaction on Tuesday, October 18th. The shares were bought at an average cost of $7.65 per share, for a total transaction of $8,971,468.65. Following the acquisition, the director now directly owns 8,955,410 shares of the company’s stock, valued at $68,508,886.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.80% of the stock is owned by company insiders.
Institutional Investors Weigh In On 89bio
A number of institutional investors have recently made changes to their positions in ETNB. Deerfield Management Company L.P. Series C bought a new stake in shares of 89bio in the 2nd quarter valued at approximately $1,630,000. DAFNA Capital Management LLC boosted its position in 89bio by 136.6% during the 2nd quarter. DAFNA Capital Management LLC now owns 766,774 shares of the company’s stock valued at $2,469,000 after purchasing an additional 442,721 shares during the period. Barclays PLC boosted its position in 89bio by 1,490.0% during the 3rd quarter. Barclays PLC now owns 388,982 shares of the company’s stock valued at $2,252,000 after purchasing an additional 364,518 shares during the period. Bank of America Corp DE boosted its position in 89bio by 294.7% during the 1st quarter. Bank of America Corp DE now owns 418,649 shares of the company’s stock valued at $1,578,000 after purchasing an additional 312,587 shares during the period. Finally, Walleye Capital LLC acquired a new position in 89bio during the 2nd quarter valued at approximately $950,000.
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.
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