89bio, Inc. (NASDAQ:ETNB) Given Average Rating of “Moderate Buy” by Brokerages

89bio, Inc. (NASDAQ:ETNB) has received an average rating of “Moderate Buy” from the ten analysts that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, seven 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 covered the stock in the last year is $27.56.

A number of equities analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Tuesday, April 8th. HC Wainwright restated a “buy” rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Wolfe Research initiated coverage on 89bio in a research report on Tuesday, February 4th. They set an “outperform” rating on the stock. Finally, UBS Group increased their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, January 31st.

89bio Price Performance

ETNB stock opened at $6.06 on Friday. The company has a market cap of $884.66 million, a PE ratio of -2.08 and a beta of 1.25. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average price of $8.15 and a two-hundred day moving average price of $8.19. 89bio has a 12-month low of $4.16 and a 12-month high of $11.84.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.42). As a group, research analysts predict that 89bio will post -3.19 EPS for the current year.

Insider Transactions at 89bio

In other 89bio news, Director Charles Mcwherter acquired 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was purchased at an average price of $6.55 per share, with a total value of $32,750.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at $98,250. This trade represents a 50.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ra Capital Management, L.P. bought 5,714,285 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were acquired at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now directly owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. This trade represents a 41.29 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. lifted its holdings in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock worth $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP bought a new stake in 89bio in the fourth quarter valued at $55,000. GAMMA Investing LLC grew its position in shares of 89bio by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock worth $56,000 after acquiring an additional 7,495 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in shares of 89bio during the fourth quarter worth about $86,000. Finally, Sandia Investment Management LP lifted its position in 89bio by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after purchasing an additional 2,500 shares during the last quarter.

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.