89bio’s (ETNB) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of 89bio (NASDAQ:ETNB) in a research note published on Friday morning,Benzinga reports. They currently have a $21.00 target price on the stock, down from their prior target price of $29.00.

ETNB has been the topic of several other reports. UBS Group lifted their price objective on shares of 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Wolfe Research initiated coverage on shares of 89bio in a report on Tuesday, February 4th. They set an “outperform” rating on the stock. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.29.

89bio Trading Down 1.0 %

NASDAQ ETNB opened at $9.23 on Friday. 89bio has a twelve month low of $5.99 and a twelve month high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock has a market cap of $979.54 million, a price-to-earnings ratio of -3.17 and a beta of 1.17. The firm’s 50 day moving average price is $8.75 and its two-hundred day moving average price is $8.47.

89bio (NASDAQ:ETNB) last posted its quarterly earnings data 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). Equities analysts anticipate that 89bio will post -3.19 EPS for the current year.

Insider Activity at 89bio

In other news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was purchased at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the transaction, the director now directly owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles Mcwherter bought 10,000 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were purchased at an average cost of $8.00 per share, with a total value of $80,000.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $80,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 5,734,285 shares of company stock valued at $50,152,194. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 worth $1,397,000 after acquiring an additional 37,693 shares during the last quarter. Woodline Partners LP lifted its position in 89bio by 640.1% during the 4th quarter. Woodline Partners LP now owns 394,826 shares of the company’s stock worth $3,088,000 after acquiring an additional 341,479 shares during the last quarter. Stempoint Capital LP acquired a new position in shares of 89bio during the fourth quarter valued at about $4,268,000. Suvretta Capital Management LLC raised its position 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 buying an additional 2,211,052 shares during the last quarter. Finally, Sandia Investment Management LP raised its position in shares of 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after buying an additional 2,500 shares during 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.