89bio (NASDAQ:ETNB) PT Lowered to $29.00

89bio (NASDAQ:ETNB) had its target price lowered by equities research analysts at HC Wainwright from $31.00 to $29.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 218.33% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on ETNB. Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Evercore ISI increased their price target on shares of 89bio from $29.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Royal Bank of Canada lowered their price objective on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Bank of America reaffirmed a “buy” rating and issued a $30.00 target price on shares of 89bio in a report on Monday, April 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, April 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, 89bio presently has an average rating of “Moderate Buy” and a consensus target price of $28.71.

89bio Trading Up 0.9 %

NASDAQ ETNB opened at $9.11 on Friday. The firm’s fifty day moving average price is $10.71 and its 200 day moving average price is $9.96. 89bio has a 12 month low of $6.57 and a 12 month high of $22.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The company has a market capitalization of $867.45 million, a price-to-earnings ratio of -4.53 and a beta of 1.15.

89bio (NASDAQ:ETNB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.01). On average, sell-side analysts expect that 89bio will post -2.2 earnings per share for the current fiscal year.

Insider Transactions at 89bio

In other 89bio news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the stock in a transaction on Monday, March 4th. The shares were bought at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the acquisition, the director now owns 12,431,584 shares of the company’s stock, valued at $190,824,814.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rohan Palekar sold 4,477 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the transaction, the chief executive officer now owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were bought at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the acquisition, the director now owns 12,431,584 shares of the company’s stock, valued at approximately $190,824,814.40. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of 89bio by 193.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock worth $7,550,000 after acquiring an additional 322,339 shares during the period. abrdn plc purchased a new position in shares of 89bio in the fourth quarter valued at $2,393,000. Westfield Capital Management Co. LP increased its position in shares of 89bio by 57.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock valued at $20,256,000 after buying an additional 476,655 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of 89bio by 350.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company’s stock worth $1,021,000 after buying an additional 70,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of 89bio by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,525,782 shares of the company’s stock worth $54,438,000 after buying an additional 155,841 shares in the last quarter.

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.