89bio, Inc. (NASDAQ:ETNB) Receives $27.56 Consensus Target Price from Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $27.56.

A number of research firms have recently commented on ETNB. Wolfe Research began coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research note on Friday, March 7th. The Goldman Sachs Group began coverage on shares of 89bio in a research note on Friday, March 14th. They set a “neutral” rating and a $11.00 price objective for the company. Citigroup began coverage on shares of 89bio in a research note on Thursday, March 13th. They set a “buy” rating and a $25.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th.

Insider Buying and Selling

In other 89bio news, Director Charles Mcwherter purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average cost of $6.55 per share, with a total value of $32,750.00. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the sale, the insider now directly owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. This trade represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 89bio

A number of institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its holdings in 89bio by 12.5% in the 4th quarter. California State Teachers Retirement System now owns 76,921 shares of the company’s stock worth $602,000 after buying an additional 8,570 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 89bio by 26.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 178,691 shares of the company’s stock worth $1,397,000 after buying an additional 37,693 shares in the last quarter. Woodline Partners LP lifted its holdings in 89bio by 640.1% in the 4th quarter. Woodline Partners LP now owns 394,826 shares of the company’s stock worth $3,088,000 after buying an additional 341,479 shares in the last quarter. Stempoint Capital LP acquired a new position in 89bio in the 4th quarter worth $4,268,000. Finally, Suvretta Capital Management LLC lifted its holdings in 89bio by 27.7% in the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after buying an additional 2,211,052 shares in the last quarter.

89bio Trading Up 2.8 %

Shares of ETNB stock opened at $8.79 on Monday. The firm has a 50-day moving average price of $8.87 and a 200 day moving average price of $8.43. 89bio has a twelve month low of $5.99 and a twelve month high of $12.16. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -3.02 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

89bio (NASDAQ:ETNB) last announced its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.42). Research analysts forecast that 89bio will post -3.19 earnings per share for the current fiscal year.

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.