Brokerages Set 89bio, Inc. (NASDAQ:ETNB) Target Price at $30.33

Shares of 89bio, Inc. (NASDAQ:ETNB) have received an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $30.33.

ETNB has been the subject of several analyst reports. Raymond James lowered their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. HC Wainwright reissued a “buy” rating and set a $29.00 target price on shares of 89bio in a research note on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th.

89bio Trading Up 0.5 %

NASDAQ ETNB opened at $8.04 on Friday. 89bio has a 12 month low of $7.00 and a 12 month high of $16.63. 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 firm has a market capitalization of $853.25 million, a PE ratio of -2.75 and a beta of 1.12. The business’s 50-day moving average price is $8.39 and its two-hundred day moving average price is $8.37.

Insider Activity at 89bio

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought 25,000 shares of company stock valued at $202,950 in the last three months. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Several large investors have recently bought and sold shares of ETNB. Quest Partners LLC raised its holdings in shares of 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in 89bio in the 2nd quarter valued at about $66,000. China Universal Asset Management Co. Ltd. lifted its position in shares of 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after buying an additional 8,810 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of 89bio in the 3rd quarter worth approximately $160,000. Finally, SG Americas Securities LLC bought a new position in shares of 89bio in the second quarter valued at approximately $203,000.

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.