89BIO (NASDAQ:ETNB) Receives Consensus Recommendation of "Buy" from Analysts

Shares of 89BIO (NASDAQ:ETNB - Get Free Report) have been assigned an average recommendation of "Buy" from the nine analysts that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $28.00.

Several equities research analysts have recently commented on ETNB shares. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, August 30th. Bank of America reduced their price objective on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Monday, August 25th. HC Wainwright initiated coverage on 89BIO in a report on Thursday, September 4th. They set a "buy" rating and a $32.00 target price for the company. Finally, Royal Bank Of Canada cut their price target on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th.

89BIO Stock Down 6.7%

Shares of ETNB traded down $0.58 during midday trading on Monday, reaching $8.07. 717,738 shares of the stock were exchanged, compared to its average volume of 1,340,342. The company has a market capitalization of $1.20 billion, a P/E ratio of -2.24 and a beta of 1.27. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. The company's 50 day moving average is $9.49 and its two-hundred day moving average is $8.73.

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

Insiders Place Their Bets

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total value of $115,280.22. Following the transaction, the insider owned 309,364 shares in the company, valued at $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Trading of 89BIO

Institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. raised its stake in shares of 89BIO by 25.9% during the 2nd quarter. Osaic Holdings Inc. now owns 6,463 shares of the company's stock worth $63,000 after acquiring an additional 1,330 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in 89BIO by 338.6% in the second quarter. Tower Research Capital LLC TRC now owns 14,066 shares of the company's stock worth $138,000 after purchasing an additional 10,859 shares during the last quarter. Holocene Advisors LP acquired a new position in shares of 89BIO during the second quarter worth $30,102,000. Brevan Howard Capital Management LP acquired a new position in shares of 89BIO during the second quarter worth $451,000. Finally, Bank of America Corp DE lifted its holdings in shares of 89BIO by 59.9% during the 2nd quarter. Bank of America Corp DE now owns 1,249,954 shares of the company's stock valued at $12,275,000 after purchasing an additional 468,002 shares during the last quarter.

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.