Evercore ISI Lowers 89bio (NASDAQ:ETNB) Price Target to $33.00

89bio (NASDAQ:ETNB) had its target price trimmed by Evercore ISI from $37.00 to $33.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms also recently weighed in on ETNB. Royal Bank of Canada dropped their price target on 89bio from $15.00 to $14.00 and set a sector perform rating for the company in a research note on Friday, March 1st. HC Wainwright decreased their price target on shares of 89bio from $31.00 to $29.00 and set a buy rating on the stock in a research note on Friday, May 10th. Bank of America restated a buy rating and set a $30.00 price objective on shares of 89bio in a research report on Monday, April 22nd. Oppenheimer reissued a market perform rating on shares of 89bio in a research note on Tuesday, March 5th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $29.00 price objective on shares of 89bio in a report on Friday, April 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $28.14.

89bio Stock Performance

ETNB opened at $8.63 on Wednesday. The company’s 50-day simple moving average is $10.21 and its two-hundred day simple moving average is $10.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 15.03. 89bio has a 52-week low of $6.57 and a 52-week high of $22.93.

89bio (NASDAQ:ETNB) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.08). During the same quarter last year, the company posted ($0.54) earnings per share. On average, research analysts forecast that 89bio will post -2.37 EPS for the current year.

Insider Activity

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction 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 sale, 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 filing with the SEC, which is available at the SEC website. In other 89bio news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 12,431,584 shares of the company’s stock, valued at $190,824,814.40. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Rohan Palekar sold 4,477 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the transaction, 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. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Hedge funds have recently modified their holdings of the stock. Wetzel Investment Advisors Inc. purchased a new stake in 89bio during the 4th quarter worth approximately $34,000. AJOVista LLC acquired a new position in shares of 89bio in the 4th quarter valued at $42,000. Ameritas Investment Partners Inc. raised its stake 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 acquiring an additional 1,744 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in 89bio by 349.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock valued at $98,000 after purchasing an additional 6,802 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in shares of 89bio in the fourth quarter worth about $117,000.

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.