89bio, Inc. (NASDAQ:ETNB) Receives $31.00 Consensus Target Price from Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have been given an average recommendation of “Moderate Buy” by the seven analysts that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $31.00.

ETNB has been the subject of several recent research reports. Raymond James boosted their price target on 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a research note on Tuesday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Royal Bank of Canada dropped their price objective on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Tuesday, August 6th.

Institutional Investors Weigh In On 89bio

Hedge funds have recently modified their holdings of the company. Capstone Investment Advisors LLC bought a new stake in 89bio during the 1st quarter worth approximately $1,208,000. Candriam S.C.A. grew its stake in shares of 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after purchasing an additional 538,079 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in 89bio by 22.9% in the first quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock valued at $25,191,000 after purchasing an additional 402,999 shares during the period. Vanguard Group Inc. raised its position in 89bio by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after purchasing an additional 415,386 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in 89bio during the 2nd quarter worth about $2,238,000.

89bio Price Performance

NASDAQ:ETNB opened at $8.35 on Friday. The company has a market cap of $821.51 million, a P/E ratio of -4.15 and a beta of 1.09. The firm’s fifty day moving average price is $8.17 and its two-hundred day moving average price is $8.52. 89bio has a one year low of $6.57 and a one year high of $16.63. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92.

89bio (NASDAQ:ETNB) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same quarter in the prior year, the firm earned ($0.52) earnings per share. Equities analysts expect that 89bio will post -2.32 earnings per share for the current year.

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.