89bio, Inc. (NASDAQ:ETNB) Receives Consensus Recommendation of "Buy" from Brokerages

89bio, Inc. (NASDAQ:ETNB - Get Free Report) has been given a consensus rating of "Buy" by the eight ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $26.43.

Several equities research analysts have recently weighed in on ETNB shares. HC Wainwright reiterated a "buy" rating and set a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. The Goldman Sachs Group started coverage on shares of 89bio in a research report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price objective for the company. Citigroup started coverage on shares of 89bio in a research report on Thursday, March 13th. They issued a "buy" rating and a $25.00 price objective for the company. Wolfe Research started coverage on shares of 89bio in a research report on Tuesday, February 4th. They issued an "outperform" rating for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a research report on Saturday, May 24th.

Insider Buying and Selling at 89bio

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the transaction, the insider now directly owns 328,323 shares of the company's stock, valued at $1,953,521.85. This trade represents a 4.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. CWM LLC increased its stake in shares of 89bio by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after purchasing an additional 5,837 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of 89bio by 206.9% during 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 in the last quarter. Quarry LP purchased a new position in shares of 89bio during the 4th quarter worth approximately $55,000. GAMMA Investing LLC increased its stake in shares of 89bio by 4,898.7% during the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after purchasing an additional 7,495 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new position in shares of 89bio during the 4th quarter worth approximately $86,000.

89bio Stock Up 2.7%

NASDAQ:ETNB traded up $0.27 during trading hours on Friday, hitting $10.11. The company's stock had a trading volume of 2,090,804 shares, compared to its average volume of 1,443,195. The stock has a market capitalization of $1.48 billion, a P/E ratio of -3.47 and a beta of 1.23. The stock has a fifty day moving average of $7.42 and a 200-day moving average of $8.15. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 52-week low of $4.16 and a 52-week high of $11.84.

89bio (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same period in the previous year, the business posted ($0.54) earnings per share. On average, equities analysts forecast that 89bio will post -3.19 earnings per share for the current year.

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.