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

Shares of 89BIO (NASDAQ:ETNB - Get Free Report) have earned an average recommendation of "Buy" from the eight ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $26.43.

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a report on Saturday, July 12th.

89BIO Trading Down 1.5%

Shares of 89BIO stock traded down $0.15 on Friday, hitting $9.96. 524,765 shares of the company's stock traded hands, compared to its average volume of 1,530,125. The firm's 50-day moving average price is $9.79 and its two-hundred day moving average price is $8.65. The stock has a market capitalization of $1.45 billion, a PE ratio of -2.94 and a beta of 1.28. 89BIO has a one year low of $4.16 and a one year high of $11.84. 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 (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same quarter in the prior year, the firm posted ($0.54) EPS. On average, research analysts expect that 89BIO will post -3.19 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the company's stock in a transaction 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 directly owned 309,364 shares of the company's stock, 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On 89BIO

A number of large investors have recently modified their holdings of the business. CWM LLC grew its position in shares of 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after acquiring an additional 5,837 shares during the period. Federated Hermes Inc. increased its holdings in shares of 89BIO by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after purchasing an additional 4,236 shares during the period. Quarry LP bought a new position in shares of 89BIO during the fourth quarter worth approximately $55,000. GAMMA Investing LLC increased its holdings in shares of 89BIO by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after purchasing an additional 7,495 shares during the period. Finally, Hsbc Holdings PLC bought a new position in shares of 89BIO during the fourth quarter worth approximately $87,000.

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.