89BIO (NASDAQ:ETNB) Receives Average Rating of "Buy" from Analysts

89BIO (NASDAQ:ETNB - Get Free Report) has received an average rating of "Buy" from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $26.43.

Several research firms recently weighed in on ETNB. Cantor Fitzgerald upgraded shares of 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, July 12th.

Insider Buying and Selling

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the company's stock in a transaction dated 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 owned 309,364 shares in the company, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89BIO

A number of institutional investors have recently modified their holdings of ETNB. RA Capital Management L.P. boosted its stake in 89BIO by 40.3% in 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 acquiring an additional 5,714,285 shares during the period. Janus Henderson Group PLC boosted its stake in 89BIO by 8.9% in the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock valued at $129,177,000 after acquiring an additional 1,355,838 shares during the period. Suvretta Capital Management LLC grew its position in 89BIO by 27.7% in the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock worth $79,785,000 after purchasing an additional 2,211,052 shares during the last quarter. RTW Investments LP increased its stake in shares of 89BIO by 1.3% in the fourth quarter. RTW Investments LP now owns 7,478,061 shares of the company's stock valued at $58,478,000 after purchasing an additional 99,513 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of 89BIO by 25.8% in the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock valued at $52,079,000 after purchasing an additional 1,471,278 shares during the period.

89BIO Trading Up 1.0%

ETNB stock traded up $0.10 during midday trading on Friday, hitting $10.08. The stock had a trading volume of 1,744,196 shares, compared to its average volume of 1,541,000. The firm has a market cap of $1.47 billion, a PE ratio of -2.98 and a beta of 1.28. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.03 and a quick ratio of 18.03. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84. The company's 50-day moving average price is $9.91 and its 200 day moving average price is $8.68.

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