89BIO (NASDAQ:ETNB) Coverage Initiated at HC Wainwright

Investment analysts at HC Wainwright started coverage on shares of 89BIO (NASDAQ:ETNB) in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $32.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 260.77% from the stock’s previous close.

A number of other research firms have also recently weighed in on ETNB. Bank of America dropped their target price on shares of 89BIO from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89BIO in a research note on Saturday, August 30th. Finally, Royal Bank Of Canada dropped their target price on shares of 89BIO from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, 89BIO currently has a consensus rating of “Buy” and an average target price of $28.00.

89BIO Trading Up 3.0%

Shares of ETNB stock opened at $8.87 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -2.46 and a beta of 1.27. 89BIO has a 52-week low of $4.16 and a 52-week high of $11.84. The company has a 50-day simple moving average of $9.64 and a two-hundred day simple moving average of $8.80.

89BIO (NASDAQ:ETNB) last released its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.22). During the same quarter in the previous year, the firm posted ($0.48) EPS. Research analysts anticipate that 89BIO will post -3.19 EPS for the current fiscal year.

Insider Activity at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the sale, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Trading of 89BIO

A number of institutional investors have recently modified their holdings of ETNB. CWM LLC increased its holdings in 89BIO by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock worth $43,000 after acquiring an additional 5,837 shares during the period. KBC Group NV bought a new stake in 89BIO during the 2nd quarter worth approximately $55,000. GAMMA Investing LLC increased its holdings in 89BIO by 4,898.7% during the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock worth $56,000 after acquiring an additional 7,495 shares during the period. Osaic Holdings Inc. increased its holdings in 89BIO by 25.9% during the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company’s stock worth $63,000 after acquiring an additional 1,330 shares during the period. Finally, AlphaQuest LLC increased its holdings in 89BIO by 213.8% during the 2nd quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock worth $65,000 after acquiring an additional 4,506 shares during the period.

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.