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

89bio, Inc. (NASDAQ:ETNB) has been given a consensus rating of “Moderate Buy” by the seven research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $30.33.

Several brokerages have recently commented on ETNB. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a report on Saturday, January 18th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Tuesday, January 21st.

Insider Buying and Selling

In related news, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the transaction, the insider now directly owns 271,833 shares in the company, valued at $1,764,196.17. This represents a 3.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rohan Palekar acquired 5,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares in the company, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 30,000 shares of company stock worth $235,700. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

A number of institutional investors have recently added to or reduced their stakes in ETNB. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio in the 2nd quarter valued at approximately $66,000. Kingswood Wealth Advisors LLC acquired a new position in shares of 89bio in the fourth quarter valued at $86,000. China Universal Asset Management Co. Ltd. lifted its position in 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares during the period. Intech Investment Management LLC acquired a new stake in 89bio during the third quarter worth $160,000. Finally, Quest Partners LLC increased its holdings in 89bio by 172.1% in the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after buying an additional 13,961 shares during the period.

89bio Stock Up 10.4 %

ETNB stock opened at $9.64 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a market capitalization of $1.02 billion, a P/E ratio of -3.31 and a beta of 1.14. 89bio has a 52-week low of $5.99 and a 52-week high of $16.63. The company’s 50 day simple moving average is $7.80 and its 200-day simple moving average is $8.19.

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.