Brokerages Set 89BIO (NASDAQ:ETNB) PT at $28.00

Shares of 89BIO (NASDAQ:ETNB) have earned a consensus recommendation of “Buy” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $28.00.

Several brokerages have issued reports on ETNB. HC Wainwright began coverage on shares of 89BIO in a research note on Thursday, September 4th. They issued a “buy” rating and a $32.00 price target on the stock. Royal Bank Of Canada decreased their price objective on 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a report on Friday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89BIO in a report on Saturday, August 30th. Finally, Bank of America reduced their price target on 89BIO from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, August 25th.

89BIO Trading Down 1.3%

NASDAQ ETNB opened at $8.52 on Monday. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. 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 stock’s 50 day moving average price is $9.56 and its two-hundred day moving average price is $8.75. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.36 and a beta of 1.27.

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

Insider Activity at 89BIO

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

Institutional Trading of 89BIO

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETNB. CWM LLC grew its position in shares of 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company’s stock valued at $43,000 after acquiring an additional 5,837 shares during the period. KBC Group NV acquired a new stake in 89BIO in the 2nd quarter valued at about $55,000. GAMMA Investing LLC grew its holdings in 89BIO by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock worth $56,000 after purchasing an additional 7,495 shares during the period. Osaic Holdings Inc. grew its holdings in 89BIO by 25.9% during the second quarter. Osaic Holdings Inc. now owns 6,463 shares of the company’s stock worth $63,000 after purchasing an additional 1,330 shares during the period. Finally, AlphaQuest LLC increased its position in 89BIO by 213.8% during the second quarter. AlphaQuest LLC now owns 6,614 shares of the company’s stock worth $65,000 after buying an additional 4,506 shares during 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.