89bio, Inc. (NASDAQ:ETNB) Receives $31.43 Consensus PT from Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $31.43.

A number of equities analysts recently issued reports on the company. Wolfe Research assumed coverage on 89bio in a research note on Tuesday, February 4th. They issued an “outperform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. UBS Group lifted their price objective on 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Wednesday.

Insider Activity

In other 89bio news, Director Charles Mcwherter bought 5,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $98,250. The trade was a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was purchased at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. The trade was a 41.29 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 5,734,285 shares of company stock worth $50,152,194 in the last ninety days. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in 89bio by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock worth $736,000 after buying an additional 43,384 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in 89bio in the 4th quarter worth about $1,897,000. Barclays PLC boosted its holdings in 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock worth $1,590,000 after buying an additional 149,479 shares during the last quarter. Geode Capital Management LLC boosted its holdings in 89bio by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after buying an additional 160,356 shares during the last quarter. Finally, FMR LLC boosted its holdings in 89bio by 2,153.2% in the 3rd quarter. FMR LLC now owns 73,386 shares of the company’s stock worth $543,000 after buying an additional 70,129 shares during the last quarter.

89bio Stock Performance

Shares of ETNB stock opened at $11.08 on Thursday. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.81 and a beta of 1.17. 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 moving average of $8.58 and a 200 day moving average of $8.42. 89bio has a 1 year low of $5.99 and a 1 year high of $16.63.

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.