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

89bio, Inc. (NASDAQ:ETNB) has earned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $27.56.

Several research firms have recently issued reports on ETNB. Citigroup started coverage on shares of 89bio in a report on Thursday. They issued a “buy” rating and a $25.00 price objective for the company. UBS Group increased their price target on 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research report on Friday, March 7th.

Insiders Place Their Bets

In other 89bio news, Director Ra Capital Management, L.P. bought 5,714,285 shares of 89bio stock in a transaction dated Thursday, January 30th. The stock was bought at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now directly owns 19,554,319 shares of the company’s stock, valued at approximately $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Quoc Le-Nguyen sold 10,963 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total value of $71,149.87. Following the completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

A number of hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. increased its stake in 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after buying an additional 4,236 shares during the period. Quarry LP acquired a new position in shares of 89bio in the fourth quarter worth $55,000. Kingswood Wealth Advisors LLC acquired a new position in shares of 89bio in the fourth quarter worth $86,000. Hsbc Holdings PLC purchased a new stake in shares of 89bio during the fourth quarter worth $87,000. Finally, Sandia Investment Management LP boosted its position in 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after purchasing an additional 2,500 shares during the last quarter.

89bio Stock Up 3.5 %

Shares of 89bio stock opened at $8.47 on Monday. 89bio has a 1-year low of $5.99 and a 1-year high of $13.71. The company has a market capitalization of $1.24 billion, a P/E ratio of -2.91 and a beta of 1.17. The business’s fifty day moving average price is $8.80 and its two-hundred day moving average price is $8.44. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

89bio (NASDAQ:ETNB) last posted its quarterly earnings data 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). As a group, research analysts forecast that 89bio will post -3.19 EPS for the current year.

89bio Company Profile

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.