Raymond James Raises 89bio (NASDAQ:ETNB) Price Target to $53.00

89bio (NASDAQ:ETNB) had its target price upped by equities research analysts at Raymond James from $50.00 to $53.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock.

ETNB has been the topic of a number of other reports. Evercore ISI cut their price objective on 89bio from $37.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Monday, July 1st. Bank of America reaffirmed a “buy” rating and issued a $30.00 price objective on shares of 89bio in a report on Monday, April 22nd. HC Wainwright reissued a “buy” rating and set a $29.00 target price on shares of 89bio in a report on Tuesday. Finally, Royal Bank of Canada lowered their price target on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.14.

89bio Stock Down 4.9 %

NASDAQ:ETNB traded down $0.41 during mid-day trading on Tuesday, hitting $7.98. 277,873 shares of the company’s stock traded hands, compared to its average volume of 1,101,273. The company has a fifty day moving average of $8.42 and a 200 day moving average of $9.59. The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.03 and a current ratio of 15.03. 89bio has a twelve month low of $6.57 and a twelve month high of $18.30. The company has a market capitalization of $785.10 million, a P/E ratio of -3.96 and a beta of 1.10.

89bio (NASDAQ:ETNB) last released its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same quarter in the previous year, the company posted ($0.52) EPS. On average, analysts forecast that 89bio will post -2.42 EPS for the current year.

Institutional Trading of 89bio

Institutional investors have recently bought and sold shares of the business. Wetzel Investment Advisors Inc. acquired a new position in 89bio in the fourth quarter valued at approximately $34,000. AJOVista LLC purchased a new stake in 89bio in the 4th quarter valued at about $42,000. Ameritas Investment Partners Inc. lifted its position in 89bio by 28.4% in the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after buying an additional 1,744 shares during the last quarter. Quest Partners LLC purchased a new position in 89bio during the fourth quarter worth about $117,000. Finally, Principal Financial Group Inc. purchased a new position in 89bio during the first quarter worth about $124,000.

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.