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

Shares of 89bio, Inc. (NASDAQ:ETNB) have been given an average rating of “Moderate Buy” by the eight ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $30.14.

ETNB has been the subject of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Tuesday, August 6th. Royal Bank of Canada dropped their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Finally, Raymond James lifted their target price on shares of 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a research note on Tuesday, August 6th.

Institutional Trading of 89bio

A number of institutional investors and hedge funds have recently modified their holdings of ETNB. Northwestern Mutual Wealth Management Co. bought a new stake in 89bio in the 2nd quarter valued at $66,000. Algert Global LLC raised its holdings in shares of 89bio by 30.8% in the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after buying an additional 7,203 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after buying an additional 3,557 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in 89bio in the 2nd quarter valued at $327,000. Finally, Integral Health Asset Management LLC boosted its stake in 89bio by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 450,000 shares of the company’s stock valued at $3,604,000 after buying an additional 150,000 shares in the last quarter.

89bio Price Performance

Shares of NASDAQ:ETNB opened at $7.26 on Monday. The company’s fifty day moving average is $8.48 and its two-hundred day moving average is $8.99. The company has a market cap of $713.75 million, a P/E ratio of -3.61 and a beta of 1.11. 89bio has a 12-month low of $6.57 and a 12-month high of $16.63. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04.

89bio (NASDAQ:ETNB) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same period last year, the business earned ($0.52) EPS. Equities analysts expect that 89bio will post -2.32 earnings per share for the current fiscal 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.