Analysts Set 89bio, Inc. (NASDAQ:ETNB) Target Price at $31.43

89bio, Inc. (NASDAQ:ETNB) has received a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $31.43.

A number of research firms recently commented on ETNB. Raymond James upgraded 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Tuesday, January 21st. UBS Group lifted their price target on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Wolfe Research began coverage on 89bio in a report on Tuesday, February 4th. They set an “outperform” rating for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd.

Insider Transactions at 89bio

In other 89bio news, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was bought at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the transaction, the director now owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. This represents a 41.29 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the transaction, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 5,734,285 shares of company stock worth $50,152,194 over the last quarter. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

A number of hedge funds and other institutional investors have recently made changes to their positions in ETNB. Federated Hermes Inc. raised its position in shares of 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after buying an additional 4,236 shares in the last quarter. Quarry LP acquired a new stake in shares of 89bio in the fourth quarter valued at approximately $55,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of 89bio in the fourth quarter valued at approximately $86,000. Hsbc Holdings PLC acquired a new stake in shares of 89bio in the fourth quarter valued at approximately $87,000. Finally, Sandia Investment Management LP raised its position in shares of 89bio by 28.5% in 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 in the last quarter.

89bio Price Performance

Shares of NASDAQ ETNB opened at $9.21 on Thursday. The stock has a market capitalization of $977.42 million, a price-to-earnings ratio of -3.16 and a beta of 1.17. The business has a 50-day moving average of $8.68 and a 200-day moving average of $8.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio has a fifty-two week low of $5.99 and a fifty-two week high of $16.63.

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.