Brokerages Set 89bio, Inc. (NASDAQ:ETNB) Target Price at $27.25

89bio, Inc. (NASDAQ:ETNB) has received an average rating of “Buy” from the nine ratings firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $27.25.

ETNB has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a report on Saturday. Wolfe Research began coverage on shares of 89bio in a research report on Tuesday, February 4th. They set an “outperform” rating on the stock. UBS Group lifted their price target on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Cantor Fitzgerald upgraded 89bio to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Citigroup started coverage on 89bio in a report on Thursday, March 13th. They issued a “buy” rating and a $25.00 target price for the company.

89bio Price Performance

NASDAQ ETNB opened at $7.70 on Tuesday. The company has a 50-day moving average price of $7.26 and a 200-day moving average price of $8.16. 89bio has a 52 week low of $4.16 and a 52 week high of $11.84. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $1.12 billion, a P/E ratio of -2.65 and a beta of 1.23.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.01. During the same quarter in the previous year, the firm earned ($0.54) earnings per share. Equities research analysts anticipate that 89bio will post -3.19 earnings per share for the current year.

Insider Activity at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the transaction, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. This trade represents a 4.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ETNB. Avoro Capital Advisors LLC purchased a new stake in shares of 89bio in the fourth quarter valued at $32,062,000. Deep Track Capital LP lifted its holdings in 89bio by 134.2% in the 4th quarter. Deep Track Capital LP now owns 6,478,249 shares of the company’s stock valued at $50,660,000 after purchasing an additional 3,711,737 shares in the last quarter. Suvretta Capital Management LLC boosted its stake in shares of 89bio by 27.7% during the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after purchasing an additional 2,211,052 shares during the last quarter. Emerald Advisers LLC purchased a new stake in shares of 89bio during the first quarter worth about $11,273,000. Finally, Vanguard Group Inc. raised its position in shares of 89bio by 25.8% in the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company’s stock valued at $52,079,000 after buying an additional 1,471,278 shares during 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.