Shares of 89bio, Inc. (NASDAQ:ETNB – Get Rating) have earned an average recommendation of “Buy” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. Five equities 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 issued a report on the stock in the last year is $25.13.
A number of research firms recently weighed in on ETNB. Raymond James raised their price target on shares of 89bio from $14.00 to $25.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 14th. BTIG Research decreased their price objective on shares of 89bio from $28.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. SVB Leerink decreased their price objective on shares of 89bio from $50.00 to $29.00 and set an “outperform” rating for the company in a report on Monday, July 11th. Oppenheimer decreased their price objective on shares of 89bio from $40.00 to $15.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. Finally, Royal Bank of Canada raised their price objective on shares of 89bio to $35.00 in a report on Wednesday, June 29th.
Insider Activity at 89bio
In related news, Director Ra Capital Management, L.P. bought 2,816,900 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was purchased at an average price of $3.55 per share, for a total transaction of $9,999,995.00. Following the transaction, the director now directly owns 7,782,669 shares of the company’s stock, valued at approximately $27,628,474.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 11.80% of the company’s stock.
Institutional Investors Weigh In On 89bio
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETNB. Walleye Capital LLC bought a new position in 89bio during the 2nd quarter valued at $950,000. Goldman Sachs Group Inc. boosted its stake in 89bio by 22.9% during the second quarter. Goldman Sachs Group Inc. now owns 86,061 shares of the company’s stock valued at $277,000 after buying an additional 16,025 shares in the last quarter. DAFNA Capital Management LLC boosted its stake in 89bio by 136.6% during the second quarter. DAFNA Capital Management LLC now owns 766,774 shares of the company’s stock valued at $2,469,000 after buying an additional 442,721 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new position in 89bio during the second quarter worth about $1,630,000. Finally, Occudo Quantitative Strategies LP raised its position in 89bio by 62.3% in the second quarter. Occudo Quantitative Strategies LP now owns 26,667 shares of the company’s stock worth $86,000 after acquiring an additional 10,234 shares in the last quarter.
89bio Price Performance
ETNB opened at $5.76 on Thursday. The company has a fifty day simple moving average of $4.63 and a 200 day simple moving average of $3.70. The firm has a market cap of $117.22 million, a price-to-earnings ratio of -1.11 and a beta of 1.68. 89bio has a twelve month low of $2.00 and a twelve month high of $20.69. The company has a current ratio of 5.45, a quick ratio of 5.45 and a debt-to-equity ratio of 0.15.
89bio (NASDAQ:ETNB – Get Rating) last released its quarterly earnings results on Thursday, August 11th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.04) by ($0.19). Equities research analysts expect that 89bio will post -3.34 EPS 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.