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

Shares of 89bio, Inc. (NASDAQ:ETNB) have been given an average recommendation of “Moderate Buy” by the eight research firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $30.14.

A number of equities research analysts have recently weighed in on the company. Raymond James raised their price target on 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, August 6th. Royal Bank of Canada reduced their target price on shares of 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. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Tuesday, August 6th.

Institutional Trading of 89bio

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

89bio Stock Performance

Shares of ETNB opened at $8.19 on Monday. The company has a market capitalization of $805.76 million, a PE ratio of -4.07 and a beta of 1.11. 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 company’s 50 day moving average price is $8.61 and its 200 day moving average price is $9.13. 89bio has a 52 week low of $6.57 and a 52 week high of $16.63.

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

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.