89bio (NASDAQ:ETNB) Research Coverage Started at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of 89bio (NASDAQ:ETNB) in a research note released on Friday morning, MarketBeat reports. The brokerage issued a neutral rating and a $11.00 price objective on the stock.

Several other equities analysts also recently commented on ETNB. Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $21.00 target price (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. UBS Group boosted their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Finally, Citigroup started coverage on shares of 89bio in a report on Thursday. They issued a “buy” rating and a $25.00 target price on the stock. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $27.56.

89bio Price Performance

Shares of NASDAQ:ETNB opened at $8.47 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio has a 1-year low of $5.99 and a 1-year high of $13.71. The company has a market capitalization of $1.24 billion, a P/E ratio of -2.91 and a beta of 1.17. The firm’s 50 day simple moving average is $8.80 and its two-hundred day simple moving average is $8.44.

89bio (NASDAQ:ETNB) last issued its quarterly 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). Research analysts expect that 89bio will post -3.19 EPS for the current fiscal year.

Insider Buying and Selling at 89bio

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

Institutional Trading of 89bio

A number of large investors have recently made changes to their positions in ETNB. Avoro Capital Advisors LLC purchased a new stake in shares of 89bio during the fourth quarter valued at $32,062,000. Deep Track Capital LP boosted its stake in shares of 89bio by 134.2% during the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company’s stock valued at $50,660,000 after purchasing an additional 3,711,737 shares during the period. Suvretta Capital Management LLC boosted its stake in shares of 89bio by 27.7% during the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock valued at $79,785,000 after purchasing an additional 2,211,052 shares during the period. Janus Henderson Group PLC boosted its stake in shares of 89bio by 14.2% during the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock valued at $112,140,000 after purchasing an additional 1,882,108 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of 89bio during the fourth quarter valued at $7,972,000.

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.