89bio, Inc. (NASDAQ:ETNB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

89bio, Inc. (NASDAQ:ETNB) has been given a consensus recommendation of “Moderate Buy” by the seven analysts that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $29.00.

Several research analysts have weighed in on the stock. Royal Bank of Canada lowered their target price on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Bank of America reaffirmed a “buy” rating and issued a $30.00 target price on shares of 89bio in a report on Monday. Evercore ISI lifted their price objective on shares of 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, March 6th. Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Finally, HC Wainwright restated a “buy” rating and set a $31.00 target price on shares of 89bio in a research report on Wednesday, March 27th.

Insider Activity

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

Hedge Funds Weigh In On 89bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wetzel Investment Advisors Inc. acquired a new stake in shares of 89bio during the 4th quarter valued at approximately $34,000. AJOVista LLC acquired a new position in shares of 89bio in the 4th quarter valued at $42,000. China Universal Asset Management Co. Ltd. boosted its position in 89bio by 349.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock worth $98,000 after acquiring an additional 6,802 shares during the period. Quest Partners LLC acquired a new stake in 89bio during the 4th quarter worth about $117,000. Finally, Chicago Partners Investment Group LLC raised its stake 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 worth $158,000 after purchasing an additional 4,673 shares in the last quarter.

89bio Stock Performance

NASDAQ:ETNB opened at $8.25 on Friday. The company has a fifty day moving average of $11.03 and a two-hundred day moving average of $9.92. The stock has a market capitalization of $785.57 million, a PE ratio of -4.10 and a beta of 1.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 20.04. 89bio has a fifty-two week low of $6.57 and a fifty-two week high of $22.93.

89bio (NASDAQ:ETNB) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.01). As a group, research analysts forecast that 89bio will post -2.2 earnings per share for the current fiscal year.

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.