89BIO (NASDAQ:ETNB) Given Average Recommendation of "Buy" by Analysts

Shares of 89BIO (NASDAQ:ETNB - Get Free Report) have been assigned a consensus recommendation of "Buy" from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $26.43.

A number of research firms have recently issued reports on ETNB. Citigroup began coverage on shares of 89BIO in a research report on Thursday, March 13th. They set a "buy" rating and a $25.00 price target for the company. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a research note on Wednesday, April 30th. The Goldman Sachs Group assumed coverage on shares of 89BIO in a research note on Friday, March 14th. They set a "neutral" rating and a $11.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research note on Wednesday, June 11th. Finally, HC Wainwright reissued a "buy" rating and set a $21.00 price objective (down from $29.00) on shares of 89BIO in a research note on Friday, February 28th.

89BIO Price Performance

ETNB stock opened at $9.81 on Wednesday. The firm has a 50 day moving average of $8.69 and a 200-day moving average of $8.33. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -2.90 and a beta of 1.30.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same quarter last year, the company earned ($0.54) EPS. As a group, equities analysts expect that 89BIO will post -3.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other 89BIO news, insider Quoc Le-Nguyen sold 15,329 shares of 89BIO stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the completion of the sale, the insider now directly owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Institutional Trading of 89BIO

Hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 89BIO by 2.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock valued at $400,000 after acquiring an additional 1,169 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of 89BIO by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after acquiring an additional 1,437 shares in the last quarter. Comerica Bank lifted its holdings in shares of 89BIO by 0.6% during the 1st quarter. Comerica Bank now owns 258,123 shares of the company's stock valued at $1,877,000 after acquiring an additional 1,540 shares in the last quarter. Algert Global LLC lifted its holdings in shares of 89BIO by 0.9% during the 1st quarter. Algert Global LLC now owns 186,991 shares of the company's stock valued at $1,359,000 after acquiring an additional 1,584 shares in the last quarter. Finally, Sandia Investment Management LP lifted its holdings in shares of 89BIO by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after acquiring an additional 2,500 shares in the last quarter.

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.

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