89bio (NASDAQ:ETNB) Given “Buy” Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of 89bio (NASDAQ:ETNB) in a research report sent to investors on Wednesday morning, Benzinga reports. HC Wainwright currently has a $31.00 price objective on the stock.

ETNB has been the subject of a number of other reports. Evercore ISI raised their price target on shares of 89bio from $29.00 to $37.00 and gave the company an outperform rating in a report on Wednesday, March 6th. Cantor Fitzgerald reaffirmed an overweight rating and set a $29.00 price target on shares of 89bio in a report on Monday, March 4th. Oppenheimer reaffirmed a market perform rating on shares of 89bio in a report on Tuesday, March 5th. Finally, Royal Bank of Canada lowered their price target on shares of 89bio from $15.00 to $14.00 and set a sector perform rating for the company in a report on Friday, March 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $28.83.

89bio Stock Performance

Shares of ETNB stock opened at $11.31 on Wednesday. The company’s fifty day simple moving average is $10.97 and its 200-day simple moving average is $10.74. 89bio has a 52 week low of $6.57 and a 52 week high of $22.93. The company has a current ratio of 20.04, a quick ratio of 20.04 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.06 billion, a PE ratio of -5.63 and a beta of 1.04.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, February 29th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). As a group, equities research analysts anticipate that 89bio will post -2.2 EPS for the current year.

Insiders Place Their Bets

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the transaction, the chief executive officer now directly owns 486,889 shares of the company’s stock, valued at approximately $5,238,925.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was acquired at an average cost of $15.35 per share, with a total value of $20,722,500.00. Following the acquisition, the director now owns 12,431,584 shares of the company’s stock, valued at approximately $190,824,814.40. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the transaction, the chief executive officer now directly owns 486,889 shares of the company’s stock, valued at $5,238,925.64. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Wetzel Investment Advisors Inc. acquired a new position in shares of 89bio in the 4th quarter valued at about $34,000. Acadian Asset Management LLC bought a new stake in 89bio in the 1st quarter valued at about $34,000. Dark Forest Capital Management LP bought a new stake in 89bio in the 1st quarter valued at about $39,000. AJOVista LLC bought a new stake in 89bio in the 4th quarter valued at about $42,000. Finally, US Bancorp DE lifted its position in 89bio by 132.5% in the 2nd quarter. US Bancorp DE now owns 2,202 shares of the company’s stock valued at $42,000 after purchasing an additional 1,255 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.