89bio, Inc. (NASDAQ:ETNB) Receives $29.00 Consensus PT 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 Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $29.00.

ETNB has been the subject of a number of analyst reports. Royal Bank of Canada reduced their price objective on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, April 5th. HC Wainwright reaffirmed a “buy” rating and issued a $31.00 price objective on shares of 89bio in a research note on Wednesday, March 27th. Bank of America reiterated a “buy” rating and set a $30.00 target price on shares of 89bio in a research report on Monday, April 22nd. Finally, Oppenheimer reissued a “market perform” rating on shares of 89bio in a report on Tuesday, March 5th.

Insider Activity at 89bio

In other news, CEO Rohan Palekar sold 4,477 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was 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 in the company, valued at approximately $5,238,925.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price 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 in the company, valued at $190,824,814.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rohan Palekar sold 4,477 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $10.76, for a total value of $48,172.52. Following the sale, the chief executive officer now directly owns 486,889 shares in the company, valued at $5,238,925.64. The disclosure for this sale can be found here. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89bio

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of 89bio by 193.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock worth $7,550,000 after acquiring an additional 322,339 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in 89bio by 57.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock worth $20,256,000 after purchasing an additional 476,655 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of 89bio by 350.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company’s stock valued at $1,021,000 after buying an additional 70,000 shares during the period. Vanguard Group Inc. grew its stake in shares of 89bio by 4.6% during the third quarter. Vanguard Group Inc. now owns 3,525,782 shares of the company’s stock valued at $54,438,000 after buying an additional 155,841 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its stake in shares of 89bio by 8.7% during the third quarter. Eagle Asset Management Inc. now owns 712,898 shares of the company’s stock valued at $11,007,000 after buying an additional 57,092 shares during the last quarter.

89bio Stock Performance

NASDAQ:ETNB opened at $8.26 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 20.04. The stock has a 50-day simple moving average of $11.01 and a two-hundred day simple moving average of $9.88. The firm has a market capitalization of $786.52 million, a PE ratio of -4.11 and a beta of 1.04. 89bio has a 52-week low of $6.57 and a 52-week high of $22.93.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). Analysts forecast that 89bio will post -2.2 EPS for the current 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.