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

Shares of 89bio, Inc. (NASDAQ:ETNB) have received a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $30.33.

A number of brokerages recently issued reports on ETNB. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Thursday. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th.

89bio Price Performance

ETNB stock opened at $7.96 on Wednesday. The stock’s 50 day moving average is $8.42 and its two-hundred day moving average is $8.30. 89bio has a 52-week low of $6.43 and a 52-week high of $16.63. The company has a market capitalization of $844.76 million, a PE ratio of -2.74 and a beta of 1.12. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Insider Activity at 89bio

In related news, Director Charles Mcwherter bought 10,000 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were bought at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at $80,000. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rohan Palekar acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the transaction, the chief executive officer now owns 471,236 shares in the company, valued at $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 25,000 shares of company stock valued at $202,950 in the last quarter. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Several large investors have recently made changes to their positions in the company. Raymond James & Associates lifted its holdings in 89bio by 35.2% in the second quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock worth $1,465,000 after purchasing an additional 47,670 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of 89bio by 20.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock worth $2,401,000 after acquiring an additional 50,943 shares during the period. Rhumbline Advisers boosted its holdings in shares of 89bio by 26.9% in the second quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock valued at $1,033,000 after acquiring an additional 27,334 shares in the last quarter. Candriam S.C.A. increased its stake in shares of 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after acquiring an additional 538,079 shares during the period. Finally, Quest Partners LLC raised its holdings in 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares in the last quarter.

About 89bio

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.