89bio’s (ETNB) Buy Rating Reiterated at Bank of America

Bank of America reiterated their buy rating on shares of 89bio (NASDAQ:ETNB) in a report released on Monday morning, Marketbeat.com reports. Bank of America currently has a $30.00 target price on the stock.

ETNB has been the topic of a number of other research reports. Oppenheimer reaffirmed a market perform rating on shares of 89bio in a research report on Tuesday, March 5th. Royal Bank of Canada cut their price target on shares of 89bio from $15.00 to $14.00 and set a sector perform rating on the stock in a report on Friday, March 1st. Evercore ISI increased their price objective on 89bio from $29.00 to $37.00 and gave the company an outperform rating in a report on Wednesday, March 6th. Cantor Fitzgerald reissued an overweight rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, April 5th. Finally, HC Wainwright reaffirmed a buy rating and set a $31.00 target price on shares of 89bio in a research report on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $29.00.

89bio Stock Performance

Shares of NASDAQ:ETNB opened at $9.31 on Monday. The company has a quick ratio of 20.04, a current ratio of 20.04 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $886.50 million, a price-to-earnings ratio of -4.63 and a beta of 1.04. The firm has a 50 day moving average of $11.09 and a 200 day moving average of $9.99. 89bio has a 52 week low of $6.57 and a 52 week high of $22.93.

89bio (NASDAQ:ETNB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). On average, sell-side analysts predict that 89bio will post -2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were acquired at an average cost of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares of the company’s stock, valued at $190,824,814.40. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other 89bio news, Director Ra Capital Management, L.P. bought 1,350,000 shares of 89bio stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the acquisition, the director now directly owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the transaction, the chief executive officer now owns 486,889 shares of the company’s stock, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by insiders.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. purchased a new stake in shares of 89bio during the 4th quarter worth about $34,000. AJOVista LLC purchased a new position in 89bio during the fourth quarter worth approximately $42,000. China Universal Asset Management Co. Ltd. increased its position in shares of 89bio by 349.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock valued at $98,000 after buying an additional 6,802 shares in the last quarter. Quest Partners LLC acquired a new position in shares of 89bio during the 4th quarter worth approximately $117,000. Finally, Chicago Partners Investment Group LLC lifted its position in shares of 89bio by 43.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock valued at $158,000 after buying an additional 4,673 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.