89bio, Inc. (NASDAQ:ETNB) Receives $30.33 Consensus Target Price from Analysts

89bio, Inc. (NASDAQ:ETNB) has earned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $30.33.

ETNB has been the subject of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Finally, Raymond James dropped their price objective on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th.

89bio Stock Performance

NASDAQ:ETNB opened at $8.03 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The business has a fifty day simple moving average of $8.36 and a two-hundred day simple moving average of $8.37. 89bio has a 1 year low of $7.00 and a 1 year high of $16.63. The company has a market capitalization of $852.19 million, a P/E ratio of -2.76 and a beta of 1.12.

Insider Activity at 89bio

In related news, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was acquired at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the purchase, the chief executive officer now owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of 89bio by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock worth $1,043,000 after purchasing an additional 1,624 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of 89bio by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after purchasing an additional 3,557 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after purchasing an additional 5,421 shares in the last quarter. Quest Partners LLC grew its stake in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after acquiring an additional 5,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in 89bio by 28.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,221 shares of the company’s stock valued at $364,000 after acquiring an additional 7,000 shares during the last quarter.

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.