Raymond James Has Lowered Expectations for 89bio (NASDAQ:ETNB) Stock Price

89bio (NASDAQ:ETNB) had its target price decreased by stock analysts at Raymond James from $53.00 to $49.00 in a report released on Friday,Benzinga reports. The firm currently has a “strong-buy” rating on the stock. Raymond James’ price target suggests a potential upside of 368.90% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Royal Bank of Canada decreased their price target on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Friday, September 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Stock Up 4.9 %

NASDAQ:ETNB opened at $10.45 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92. The firm has a market cap of $1.03 billion, a P/E ratio of -5.30 and a beta of 1.07. 89bio has a fifty-two week low of $6.88 and a fifty-two week high of $16.63. The firm has a 50-day simple moving average of $8.18 and a two-hundred day simple moving average of $8.41.

89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.85). Analysts predict that 89bio will post -2.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 89bio

A number of large investors have recently made changes to their positions in ETNB. Janus Henderson Group PLC lifted its stake in shares of 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $146,646,000 after purchasing an additional 3,688,241 shares during the period. RA Capital Management L.P. raised its position in 89bio by 11.8% in the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock worth $148,607,000 after acquiring an additional 1,350,000 shares during the period. Candriam S.C.A. boosted its stake in shares of 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after acquiring an additional 538,079 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after purchasing an additional 415,386 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its stake in shares of 89bio by 22.9% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock worth $25,191,000 after purchasing an additional 402,999 shares in the last quarter.

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.