Shares of 89bio, Inc. (NASDAQ:ETNB – Get Rating) have received a consensus recommendation of “Buy” from the eight ratings firms that are covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $25.63.
A number of brokerages recently weighed in on ETNB. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of 89bio in a research note on Tuesday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $34.00 target price (up from $27.00) on shares of 89bio in a research note on Monday, November 14th. Royal Bank of Canada decreased their target price on shares of 89bio from $35.00 to $29.00 and set an “outperform” rating on the stock in a research note on Friday, November 11th. Finally, Oppenheimer raised their target price on shares of 89bio from $12.00 to $18.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 21st.
Insider Activity at 89bio
In other 89bio news, CFO Ryan Martins sold 2,540 shares of the business’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $13.89, for a total value of $35,280.60. Following the completion of the transaction, the chief financial officer now owns 58,578 shares in the company, valued at $813,648.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 13,559 shares of company stock worth $177,844. Insiders own 11.80% of the company’s stock.
Institutional Investors Weigh In On 89bio
Institutional investors and hedge funds have recently made changes to their positions in the business. Picton Mahoney Asset Management grew its position in 89bio by 1.8% during the fourth quarter. Picton Mahoney Asset Management now owns 111,600 shares of the company’s stock worth $1,421,000 after buying an additional 2,000 shares during the period. Dorsey Wright & Associates acquired a new stake in shares of 89bio in the fourth quarter worth $37,000. Quantbot Technologies LP acquired a new stake in 89bio during the 3rd quarter valued at $34,000. Cubist Systematic Strategies LLC grew its holdings in 89bio by 33.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 25,342 shares of the company’s stock worth $82,000 after acquiring an additional 6,410 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in 89bio by 395.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 11,452 shares of the company’s stock worth $67,000 after acquiring an additional 9,139 shares in the last quarter. 87.78% of the stock is owned by hedge funds and other institutional investors.
89bio Trading Down 4.0 %
Shares of 89bio stock opened at $12.95 on Friday. The firm has a market capitalization of $654.75 million, a PE ratio of -2.97 and a beta of 0.80. 89bio has a twelve month low of $2.00 and a twelve month high of $15.50. The firm’s 50-day moving average price is $12.28 and its 200 day moving average price is $8.94. The company has a current ratio of 5.81, a quick ratio of 5.81 and a debt-to-equity ratio of 0.08.
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.