89bio, Inc. (NASDAQ:ETNB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

89bio, Inc. (NASDAQ:ETNB) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $31.00.

A number of research firms have issued reports on ETNB. Royal Bank of Canada decreased their price objective on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, September 20th. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, August 6th. Finally, Raymond James lifted their price objective on 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, August 6th.

89bio Trading Down 4.6 %

Shares of ETNB stock opened at $8.21 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92. The business has a 50-day moving average of $8.15 and a 200 day moving average of $8.56. The stock has a market capitalization of $807.73 million, a PE ratio of -4.08 and a beta of 1.09. 89bio has a 1-year low of $6.57 and a 1-year high of $16.63.

89bio (NASDAQ:ETNB) last issued its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same quarter in the prior year, the firm posted ($0.52) earnings per share. As a group, sell-side analysts anticipate that 89bio will post -2.32 earnings per share for the current year.

Hedge Funds Weigh In On 89bio

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC boosted its holdings in 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock worth $146,646,000 after buying an additional 3,688,241 shares during the period. RA Capital Management L.P. lifted its stake in 89bio by 11.8% in the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock worth $148,607,000 after purchasing an additional 1,350,000 shares during the last quarter. Candriam S.C.A. grew its stake in 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 89bio by 9.6% during the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after purchasing an additional 415,386 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in shares of 89bio by 22.9% during the first quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock worth $25,191,000 after acquiring an additional 402,999 shares during the last quarter.

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.