89bio, Inc. (NASDAQ:ETNB) Receives $23.75 Average Target Price from Analysts

89bio, Inc. (NASDAQ:ETNBGet Rating) has been assigned a consensus rating of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $23.75.

A number of equities research analysts recently issued reports on the stock. HC Wainwright boosted their target price on shares of 89bio from $26.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, August 17th. BTIG Research reduced their target price on shares of 89bio from $28.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Royal Bank of Canada upped their price target on shares of 89bio to $35.00 in a report on Wednesday, June 29th. Piper Sandler cut their price target on shares of 89bio from $54.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, May 17th. Finally, Cantor Fitzgerald dropped their target price on shares of 89bio from $41.00 to $27.00 in a report on Thursday, May 12th.

Insider Activity at 89bio

In other news, Director Ra Capital Management, L.P. acquired 2,816,900 shares of 89bio stock in a transaction on Friday, July 1st. The stock was bought at an average cost of $3.55 per share, with a total value of $9,999,995.00. Following the completion of the purchase, the director now owns 7,782,669 shares of the company’s stock, valued at $27,628,474.95. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.80% of the stock is currently owned by insiders.

Institutional Trading of 89bio

Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new position in 89bio in the first quarter worth approximately $34,000. Penn Mutual Asset Management LLC acquired a new position in 89bio during the first quarter valued at approximately $39,000. Rhumbline Advisers acquired a new position in 89bio during the first quarter valued at approximately $42,000. Mirabella Financial Services LLP acquired a new position in 89bio during the first quarter valued at approximately $43,000. Finally, Virtu Financial LLC acquired a new position in 89bio during the second quarter valued at approximately $65,000.

89bio Price Performance

ETNB stock opened at $4.79 on Friday. The stock has a market cap of $97.48 million, a price-to-earnings ratio of -0.92 and a beta of 1.68. 89bio has a fifty-two week low of $2.00 and a fifty-two week high of $21.47. The business has a 50 day moving average price of $3.98 and a 200 day moving average price of $3.55. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 0.15.

89bio (NASDAQ:ETNBGet Rating) last announced its quarterly earnings data on Thursday, August 11th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.04) by ($0.19). Equities research analysts anticipate that 89bio will post -3.68 earnings per share for the current fiscal year.

About 89bio

(Get Rating)

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.

Further Reading

Analyst Recommendations for 89bio (NASDAQ:ETNB)

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