89BIO (NASDAQ:ETNB) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• 89BIO (NASDAQ:ETNB) has received an average consensus rating of "Buy" from eight research firms, with a 12-month target price averaging $26.29.
• Insider Quoc Le-Nguyen sold 10,461 shares at $11.02 each, representing a 3.27% decrease in their position in the company.
• 89BIO reported a loss of ($0.71) earnings per share for the last quarter, missing analysts' expectations by ($0.22).

Shares of 89BIO (NASDAQ:ETNB - Get Free Report) have received an average rating of "Buy" from the eight research firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $26.2857.

A number of research firms have issued reports on ETNB. Cantor Fitzgerald upgraded shares of 89BIO to a "strong-buy" rating in a research report on Wednesday, April 30th. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research report on Tuesday, July 29th. Finally, Royal Bank Of Canada cut their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th.

Insider Buying and Selling at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the sale, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. This trade represents a 3.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of 89BIO

A number of large investors have recently bought and sold shares of ETNB. JPMorgan Chase & Co. increased its stake in 89BIO by 210.1% during the 4th quarter. JPMorgan Chase & Co. now owns 308,459 shares of the company's stock worth $2,412,000 after purchasing an additional 208,992 shares in the last quarter. Geode Capital Management LLC increased its stake in 89BIO by 6.4% during the 4th quarter. Geode Capital Management LLC now owns 2,207,608 shares of the company's stock worth $17,267,000 after purchasing an additional 132,638 shares in the last quarter. Wells Fargo & Company MN increased its stake in 89BIO by 28.6% during the 4th quarter. Wells Fargo & Company MN now owns 50,338 shares of the company's stock worth $394,000 after purchasing an additional 11,203 shares in the last quarter. Federated Hermes Inc. increased its stake in 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. Finally, Invesco Ltd. increased its stake in 89BIO by 12.0% during the 4th quarter. Invesco Ltd. now owns 36,236 shares of the company's stock worth $283,000 after purchasing an additional 3,893 shares in the last quarter.

89BIO Stock Performance

89BIO stock opened at $9.14 on Thursday. The company has a current ratio of 15.19, a quick ratio of 18.03 and a debt-to-equity ratio of 0.07. 89BIO has a 1 year low of $4.16 and a 1 year high of $11.84. The company has a market cap of $1.36 billion, a PE ratio of -2.53 and a beta of 1.28. The company's 50-day moving average is $9.93 and its two-hundred day moving average is $8.95.

89BIO (NASDAQ:ETNB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same quarter in the prior year, the business posted ($0.48) EPS. Equities analysts anticipate that 89BIO will post -3.19 earnings per share for the current year.

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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