HC Wainwright Reaffirms “Buy” Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They presently have a $29.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 220.44% from the company’s current price.

Several other analysts have also issued reports on ETNB. Raymond James reduced their price objective on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Royal Bank of Canada decreased their price objective 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, 89bio has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Price Performance

ETNB stock opened at $9.05 on Monday. 89bio has a 52-week low of $6.88 and a 52-week 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. The stock has a market cap of $890.34 million, a price-to-earnings ratio of -3.22 and a beta of 1.07. The business has a fifty day moving average of $8.19 and a two-hundred day moving average of $8.41.

Hedge Funds Weigh In On 89bio

Institutional investors have recently modified their holdings of the business. Westfield Capital Management Co. LP boosted its holdings in 89bio by 29.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after purchasing an additional 686,673 shares during the period. Algert Global LLC boosted its stake in shares of 89bio by 103.4% in the 3rd quarter. Algert Global LLC now owns 62,217 shares of the company’s stock valued at $460,000 after buying an additional 31,630 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock worth $5,336,000 after buying an additional 53,932 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of 89bio during the third quarter worth approximately $160,000. Finally, Quest Partners LLC raised its holdings in 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after acquiring an additional 13,961 shares in 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.