89bio (NASDAQ:ETNB) Price Target Lowered to $29.00 at HC Wainwright

89bio (NASDAQ:ETNB - Get Free Report) had its target price cut by research analysts at HC Wainwright from $31.00 to $29.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 232.95% from the company's previous close.

Several other analysts also recently issued reports on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, April 5th. Oppenheimer reaffirmed a "market perform" rating on shares of 89bio in a report on Tuesday, March 5th. Royal Bank of Canada decreased their target price on shares of 89bio from $15.00 to $14.00 and set a "sector perform" rating for the company in a research report on Friday, March 1st. Evercore ISI lifted their price objective on 89bio from $29.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, March 6th. Finally, Bank of America reissued a "buy" rating and issued a $30.00 price target on shares of 89bio in a report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $28.71.

89bio Stock Performance

Shares of NASDAQ ETNB traded down $0.40 during midday trading on Friday, hitting $8.71. 708,974 shares of the stock traded hands, compared to its average volume of 1,156,926. The firm has a 50-day moving average of $10.67 and a two-hundred day moving average of $9.95. The firm has a market capitalization of $829.37 million, a P/E ratio of -4.43 and a beta of 1.15. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 20.04. 89bio has a one year low of $6.57 and a one year high of $22.93.

89bio (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.08). During the same period last year, the firm posted ($0.54) earnings per share. On average, equities analysts forecast that 89bio will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling at 89bio

In other news, CEO Rohan Palekar sold 4,477 shares of the company's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the sale, the chief executive officer now owns 486,889 shares of the company's stock, valued at $5,238,925.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of 89bio stock in a transaction dated Monday, March 4th. The shares were acquired at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the acquisition, the director now directly owns 12,431,584 shares in the company, valued at $190,824,814.40. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Rohan Palekar sold 4,477 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the sale, the chief executive officer now owns 486,889 shares of the company's stock, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 89bio

Several large investors have recently modified their holdings of the business. RTW Investments LP acquired a new stake in shares of 89bio in the fourth quarter valued at $62,317,000. BVF Inc. IL increased its position in 89bio by 119.2% during the fourth quarter. BVF Inc. IL now owns 4,047,354 shares of the company's stock worth $45,209,000 after buying an additional 2,201,200 shares during the period. Vanguard Group Inc. lifted its stake in 89bio by 4.6% in the third quarter. Vanguard Group Inc. now owns 3,525,782 shares of the company's stock valued at $54,438,000 after buying an additional 155,841 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of 89bio by 22.9% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company's stock valued at $25,191,000 after acquiring an additional 402,999 shares during the period. Finally, Frazier Life Sciences Management L.P. acquired a new stake in 89bio during the 4th quarter worth $22,340,000.

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.