Citigroup Initiates Coverage on 89bio (NASDAQ:ETNB)

Analysts at Citigroup assumed coverage on shares of 89bio (NASDAQ:ETNB) in a research note issued to investors on Thursday, Marketbeat reports. The firm set a “buy” rating and a $25.00 price target on the stock. Citigroup’s price target would suggest a potential upside of 195.16% from the stock’s current price.

Several other analysts also recently issued reports on ETNB. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Wolfe Research initiated coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating on the stock. Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, 89bio presently has an average rating of “Moderate Buy” and an average price target of $27.56.

89bio Trading Up 3.5 %

Shares of ETNB opened at $8.47 on Thursday. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average is $8.80 and its two-hundred day moving average is $8.45. 89bio has a twelve month low of $5.99 and a twelve month high of $13.71. The firm has a market capitalization of $1.24 billion, a P/E ratio of -2.91 and a beta of 1.17.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, research analysts predict that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Activity at 89bio

In related news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of 89bio stock in a transaction on Thursday, January 30th. The shares were purchased at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the purchase, the director now directly owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. The trade was a 41.29 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Quoc Le-Nguyen sold 10,963 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the transaction, the insider now owns 271,833 shares in the company, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in 89bio by 26.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 178,691 shares of the company’s stock valued at $1,397,000 after buying an additional 37,693 shares during the period. Woodline Partners LP grew its stake in shares of 89bio by 640.1% in the 4th quarter. Woodline Partners LP now owns 394,826 shares of the company’s stock worth $3,088,000 after purchasing an additional 341,479 shares during the last quarter. Stempoint Capital LP purchased a new position in shares of 89bio in the fourth quarter worth approximately $4,268,000. Suvretta Capital Management LLC increased its position in shares of 89bio by 27.7% in the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after acquiring an additional 2,211,052 shares in the last quarter. Finally, Sandia Investment Management LP increased its position in shares of 89bio by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after acquiring an additional 2,500 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.