89bio (NASDAQ:ETNB) Stock Rating Reaffirmed by Bank of America

89bio (NASDAQ:ETNB)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America in a report released on Monday, MarketBeat reports. They currently have a $30.00 target price on the stock. Bank of America‘s target price suggests a potential upside of 236.32% from the stock’s current price.

Several other research firms have also recently weighed in on ETNB. Royal Bank of Canada cut 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 note on Friday, March 1st. HC Wainwright reaffirmed a “buy” rating and set a $31.00 target price on shares of 89bio in a research note on Wednesday, March 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Friday, April 5th. Evercore ISI raised their target price on shares of 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.00.

89bio Stock Performance

Shares of NASDAQ ETNB opened at $8.92 on Monday. The firm has a fifty day moving average price of $11.09 and a 200-day moving average price of $9.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The stock has a market cap of $849.36 million, a PE ratio of -4.44 and a beta of 1.04. 89bio has a 1 year low of $6.57 and a 1 year high of $22.93.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). Equities analysts anticipate that 89bio will post -2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the transaction, the chief executive officer now directly owns 486,889 shares of the company’s stock, valued at approximately $5,238,925.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Rohan Palekar sold 4,477 shares of 89bio 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 transaction, the chief executive officer now directly owns 486,889 shares of the company’s stock, valued at approximately $5,238,925.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were purchased at an average cost of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the purchase, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On 89bio

Large investors have recently made changes to their positions in the company. Wetzel Investment Advisors Inc. purchased a new position in shares of 89bio during the 4th quarter worth about $34,000. AJOVista LLC purchased a new position in shares of 89bio during the 4th quarter worth about $42,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of 89bio by 349.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock worth $98,000 after purchasing an additional 6,802 shares during the period. Alpine Global Management LLC purchased a new position in shares of 89bio during the 3rd quarter worth about $159,000. Finally, Quest Partners LLC bought a new stake in 89bio during the 4th quarter valued at about $117,000.

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.