89bio, Inc. (NASDAQ:ETNB) Receives Consensus Rating of “Buy” from Brokerages

89bio, Inc. (NASDAQ:ETNBGet Rating) has earned a consensus recommendation of “Buy” from the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $25.25.

A number of analysts have recently issued reports on ETNB shares. Royal Bank of Canada decreased their target price on 89bio from $35.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, November 11th. Raymond James boosted their target price on 89bio from $14.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 14th. HC Wainwright boosted their target price on 89bio from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, August 17th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $34.00 target price (up previously from $27.00) on shares of 89bio in a report on Monday, November 14th.

Insiders Place Their Bets

In related news, Director Ra Capital Management, L.P. purchased 1,172,741 shares of the firm’s stock in a transaction on Tuesday, October 18th. The stock was purchased at an average price of $7.65 per share, for a total transaction of $8,971,468.65. Following the acquisition, the director now directly owns 8,955,410 shares in the company, valued at $68,508,886.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On 89bio

Institutional investors have recently made changes to their positions in the business. Orchard Capital Managment LLC raised its position in shares of 89bio by 9.4% in the 1st quarter. Orchard Capital Managment LLC now owns 164,293 shares of the company’s stock valued at $619,000 after purchasing an additional 14,100 shares in the last quarter. Pekin Hardy Strauss Inc. raised its position in shares of 89bio by 97.3% in the 1st quarter. Pekin Hardy Strauss Inc. now owns 360,860 shares of the company’s stock valued at $1,360,000 after purchasing an additional 178,005 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of 89bio by 105.4% in the 1st quarter. GSA Capital Partners LLP now owns 92,815 shares of the company’s stock valued at $350,000 after purchasing an additional 47,619 shares in the last quarter. Penn Mutual Asset Management LLC acquired a new position in shares of 89bio in the 1st quarter valued at approximately $39,000. Finally, Bourgeon Capital Management LLC raised its position in shares of 89bio by 52.1% in the 1st quarter. Bourgeon Capital Management LLC now owns 30,950 shares of the company’s stock valued at $117,000 after purchasing an additional 10,600 shares in the last quarter.

89bio Stock Performance

NASDAQ ETNB opened at $8.19 on Friday. 89bio has a 12 month low of $2.00 and a 12 month high of $15.07. The company has a 50-day moving average of $7.82 and a 200-day moving average of $5.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.81 and a quick ratio of 5.81. The company has a market cap of $381.16 million, a P/E ratio of -1.88 and a beta of 1.57.

89bio Company Profile

(Get Rating)

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.

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Analyst Recommendations for 89bio (NASDAQ:ETNB)

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