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

89bio, Inc. (NASDAQ:ETNB) has been given an average rating of “Moderate Buy” by the seven analysts that are covering the stock, MarketBeat.com reports. Two investment 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 twelve-month price objective among brokerages that have issued a report on the stock in the last year is $30.33.

A number of research analysts have recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research report on Monday, November 11th.

89bio Price Performance

NASDAQ ETNB opened at $7.40 on Wednesday. The stock has a 50-day simple moving average of $8.40 and a 200 day simple moving average of $8.29. 89bio has a twelve month low of $6.43 and a twelve month high of $16.63. The stock has a market capitalization of $785.33 million, a PE ratio of -2.54 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Insiders Place Their Bets

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired 25,000 shares of company stock worth $202,950 over the last 90 days. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Several large investors have recently modified their holdings of ETNB. Janus Henderson Group PLC lifted its position in shares of 89bio by 14.2% during the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after buying an additional 1,882,108 shares during the period. Westfield Capital Management Co. LP lifted its holdings in shares of 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after acquiring an additional 686,673 shares during the period. Geode Capital Management LLC boosted its stake in shares of 89bio by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after purchasing an additional 160,356 shares in the last quarter. Candriam S.C.A. boosted its stake in shares of 89bio by 173.6% in the 2nd 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 in the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of 89bio in the 3rd quarter worth about $5,631,000.

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.