89bio’s (ETNB) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of 89bio (NASDAQ:ETNB) in a research note released on Monday morning,Benzinga reports. The firm currently has a $29.00 price objective on the stock.

A number of other brokerages 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, September 20th. Raymond James lowered their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday. Finally, Royal Bank of Canada lowered their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Performance

NASDAQ ETNB opened at $10.05 on Monday. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. The stock has a market cap of $988.72 million, a PE ratio of -3.45 and a beta of 1.07. The stock has a fifty day simple moving average of $8.18 and a 200-day simple moving average of $8.40. 89bio has a twelve month low of $6.88 and a twelve month high of $16.63.

Institutional Trading of 89bio

A number of hedge funds and other institutional investors have recently made changes to their positions in ETNB. Quest Partners LLC grew its position in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of 89bio during the second quarter worth about $66,000. Ameritas Investment Partners Inc. increased its position in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after acquiring an additional 1,744 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after acquiring an additional 8,810 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in 89bio during the 3rd quarter worth approximately $160,000.

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.