89bio, Inc. (NASDAQ:ETNB) Receives $30.14 Average Target Price from Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have been given a consensus rating of “Moderate Buy” by the eight ratings firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $30.14.

ETNB has been the topic of a number of research reports. Evercore ISI dropped their price target on 89bio from $37.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 15th. Royal Bank of Canada cut their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Raymond James upped their price objective on 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a research note on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, August 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, July 1st.

89bio Trading Up 2.9 %

NASDAQ ETNB opened at $9.50 on Thursday. The firm’s fifty day moving average price is $8.45 and its 200 day moving average price is $9.42. 89bio has a 12 month low of $6.57 and a 12 month high of $18.25. The company has a debt-to-equity ratio of 0.05, a current ratio of 15.03 and a quick ratio of 15.03. The company has a market capitalization of $934.65 million, a price-to-earnings ratio of -4.73 and a beta of 1.10.

89bio (NASDAQ:ETNB) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same quarter last year, the company posted ($0.52) earnings per share. On average, sell-side analysts expect that 89bio will post -2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 89bio

A number of large investors have recently added to or reduced their stakes in ETNB. RTW Investments LP acquired a new position in 89bio during the fourth quarter worth about $62,317,000. Janus Henderson Group PLC increased its stake in shares of 89bio by 41.4% during 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 in the last quarter. BVF Inc. IL raised its position in shares of 89bio by 119.2% during the 4th quarter. BVF Inc. IL now owns 4,047,354 shares of the company’s stock worth $45,209,000 after purchasing an additional 2,201,200 shares during the last quarter. Frazier Life Sciences Management L.P. purchased a new stake in 89bio in the 4th quarter valued at approximately $22,340,000. Finally, RA Capital Management L.P. grew its holdings in 89bio by 11.8% during the 1st quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock valued at $148,607,000 after buying an additional 1,350,000 shares during the last quarter.

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; and for the treatment of severe hypertriglyceridemia.