89bio, Inc. (NASDAQ:ETNB) Receives $31.00 Consensus Price Target from Analysts

89bio, Inc. (NASDAQ:ETNB) has been assigned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $31.00.

A number of research firms have issued reports on ETNB. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, September 20th. 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 research note on Tuesday, August 6th. Raymond James lifted their price target 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. Finally, HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a research report on Tuesday, August 6th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ETNB. Quest Partners LLC boosted its holdings in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio during the second quarter worth about $66,000. Ameritas Investment Partners Inc. grew its position in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after purchasing an additional 1,744 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in 89bio in the 1st quarter valued at about $124,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of 89bio by 10.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock worth $165,000 after buying an additional 1,360 shares in the last quarter.

89bio Price Performance

Shares of NASDAQ ETNB opened at $8.35 on Friday. The company has a market capitalization of $821.51 million, a PE ratio of -4.15 and a beta of 1.09. 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 has a twelve month low of $6.57 and a twelve month high of $16.63. The firm has a fifty day simple moving average of $8.17 and a 200 day simple moving average of $8.52.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.08. During the same period last year, the company earned ($0.52) earnings per share. On average, sell-side analysts forecast that 89bio will post -2.32 EPS for the current 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.