89BIO (NASDAQ:ETNB) Given New $29.00 Price Target at Bank of America

Key Points

• Bank of America has reduced its price target for 89BIO from $30.00 to $29.00 while maintaining a "buy" rating, indicating a potential upside of 208.67% from the current price.
• Recent reports show a mixed outlook on 89BIO, with some analysts rating it a "strong buy," while others have issued sell ratings and lowered target prices.
• 89BIO reported a quarterly EPS of (0.71), which was below the consensus estimate, and is projected to post (3.19) EPS for the current fiscal year.

89BIO (NASDAQ:ETNB - Get Free Report) had its target price reduced by equities researchers at Bank of America from $30.00 to $29.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's target price suggests a potential upside of 208.67% from the stock's current price.

A number of other equities research analysts have also recently issued reports on the stock. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Royal Bank Of Canada lowered their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $26.63.

89BIO Stock Performance

Shares of NASDAQ:ETNB traded down $0.0350 during mid-day trading on Monday, reaching $9.3950. The company had a trading volume of 207,614 shares, compared to its average volume of 2,051,527. The company's 50-day moving average price is $9.80 and its 200-day moving average price is $8.90. 89BIO has a one year low of $4.16 and a one year high of $11.84. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -2.60 and a beta of 1.28.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the prior year, the company earned ($0.48) EPS. As a group, equities research analysts anticipate that 89BIO will post -3.19 EPS for the current fiscal year.

Insider Buying and Selling

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the business's 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 completion of the transaction, the insider owned 309,364 shares of the company's stock, valued at $3,409,191.28. The trade was a 3.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of 89BIO

Several institutional investors have recently added to or reduced their stakes in ETNB. RA Capital Management L.P. boosted its position in 89BIO by 40.3% during the first quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company's stock valued at $144,598,000 after buying an additional 5,714,285 shares during the period. Deep Track Capital LP boosted its position in 89BIO by 134.2% during the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock valued at $50,660,000 after buying an additional 3,711,737 shares during the period. Holocene Advisors LP purchased a new stake in 89BIO during the second quarter valued at about $30,102,000. Suvretta Capital Management LLC boosted its position in 89BIO by 27.7% during the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after buying an additional 2,211,052 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in 89BIO during the second quarter valued at about $19,336,000.

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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