89bio, Inc. (NASDAQ:ETNB) Receives $30.14 Average Target Price from Analysts

89bio, Inc. (NASDAQ:ETNB) has earned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $30.14.

Several brokerages recently weighed in on ETNB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Raymond James increased their price objective on 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a report on Tuesday, August 6th. Royal Bank of Canada lowered their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. Finally, HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a research report on Tuesday, August 6th.

89bio Stock Down 1.4 %

Shares of 89bio stock opened at $7.26 on Monday. The stock has a market capitalization of $713.75 million, a price-to-earnings ratio of -3.61 and a beta of 1.11. 89bio has a twelve month low of $6.57 and a twelve month high of $16.63. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. The business’s 50 day simple moving average is $8.48 and its 200-day simple moving average is $8.99.

89bio (NASDAQ:ETNB) last issued its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same period last year, the business earned ($0.52) earnings per share. Equities research analysts forecast that 89bio will post -2.32 earnings per share for the current year.

Institutional Investors Weigh In On 89bio

Institutional investors and hedge funds have recently bought and sold shares of the business. RA Capital Management L.P. increased its holdings in shares of 89bio by 11.8% in the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock valued at $148,607,000 after buying an additional 1,350,000 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of 89bio by 41.4% during the first quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $146,646,000 after purchasing an additional 3,688,241 shares during the period. RTW Investments LP purchased a new stake in shares of 89bio during the fourth quarter valued at $62,317,000. Vanguard Group Inc. boosted its position in shares of 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after purchasing an additional 415,386 shares during the period. Finally, BVF Inc. IL increased its stake in 89bio by 119.2% in the 4th quarter. BVF Inc. IL now owns 4,047,354 shares of the company’s stock worth $45,209,000 after purchasing an additional 2,201,200 shares in the last quarter.

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.