89bio (NASDAQ:ETNB) Price Target Cut to $33.00 by Analysts at Evercore ISI

89bio (NASDAQ:ETNB - Get Free Report) had its price target decreased by Evercore ISI from $37.00 to $33.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Evercore ISI's price objective suggests a potential upside of 258.70% from the company's previous close.

A number of other research analysts have also issued reports on ETNB. Cantor Fitzgerald reiterated an "overweight" rating and set a $29.00 price target on shares of 89bio in a research note on Friday, April 5th. HC Wainwright dropped their price target on shares of 89bio from $31.00 to $29.00 and set a "buy" rating on the stock in a research note on Friday, May 10th. Royal Bank of Canada dropped their price target on shares of 89bio from $15.00 to $14.00 and set a "sector perform" rating on the stock in a research note on Friday, March 1st. Oppenheimer restated a "market perform" rating on shares of 89bio in a research report on Tuesday, March 5th. Finally, Bank of America restated a "buy" rating and set a $30.00 target price on shares of 89bio in a research report on Monday, April 22nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $28.14.

89bio Stock Performance

NASDAQ ETNB traded up $0.11 during trading on Wednesday, reaching $9.20. The company's stock had a trading volume of 801,798 shares, compared to its average volume of 1,145,879. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 15.03. The firm has a market cap of $905.10 million, a price-to-earnings ratio of -4.52 and a beta of 1.15. 89bio has a twelve month low of $6.57 and a twelve month high of $22.93. The business's fifty day moving average price is $10.44 and its 200-day moving average price is $10.04.

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 business posted ($0.54) EPS. As a group, analysts anticipate that 89bio will post -2.22 EPS for the current fiscal year.

Insider Buying and Selling at 89bio

In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of 89bio stock in a transaction on Monday, March 4th. The shares were bought at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the acquisition, the director now directly owns 12,431,584 shares of the company's stock, valued at $190,824,814.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of 89bio stock in a transaction on Monday, March 4th. The shares were bought at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the acquisition, the director now directly owns 12,431,584 shares of the company's stock, valued at $190,824,814.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Rohan Palekar sold 4,477 shares of the company's stock in a transaction dated 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 directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On 89bio

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in shares of 89bio by 193.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company's stock valued at $7,550,000 after buying an additional 322,339 shares during the period. abrdn plc purchased a new position in shares of 89bio during the fourth quarter valued at approximately $2,393,000. Westfield Capital Management Co. LP lifted its stake in shares of 89bio by 57.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company's stock valued at $20,256,000 after buying an additional 476,655 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of 89bio by 350.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company's stock valued at $1,021,000 after buying an additional 70,000 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of 89bio by 4.6% during 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 period.

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.