Brokerages Set 89bio, Inc. (NASDAQ:ETNB) Price Target at $30.14

Shares of 89bio, Inc. (NASDAQ:ETNB) have been given a consensus recommendation of “Moderate Buy” by the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $30.14.

A number of brokerages have issued reports on ETNB. Raymond James increased their price objective on shares of 89bio from $50.00 to $53.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, August 6th. 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 note on Tuesday, August 6th. Evercore ISI cut their target price on 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Monday, July 1st.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ETNB. New York State Common Retirement Fund raised its stake in shares of 89bio by 4.8% during the fourth quarter. New York State Common Retirement Fund now owns 26,041 shares of the company’s stock valued at $291,000 after acquiring an additional 1,190 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of 89bio by 9.0% in the fourth quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock valued at $176,000 after buying an additional 1,299 shares during the period. PNC Financial Services Group Inc. raised its position in shares of 89bio by 10.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock worth $165,000 after acquiring an additional 1,360 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in shares of 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after acquiring an additional 1,744 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. lifted its stake in shares of 89bio by 66.7% in the first quarter. Wetzel Investment Advisors Inc. now owns 5,000 shares of the company’s stock worth $58,000 after acquiring an additional 2,000 shares during the period.

89bio Stock Up 2.9 %

89bio stock opened at $9.50 on Thursday. The stock has a market cap of $934.65 million, a P/E ratio of -4.73 and a beta of 1.10. The company’s 50-day moving average price is $8.45 and its two-hundred day moving average price is $9.42. The company has a quick ratio of 15.03, a current ratio of 15.03 and a debt-to-equity ratio of 0.05. 89bio has a twelve month low of $6.57 and a twelve month high of $18.25.

89bio (NASDAQ:ETNB) last announced its earnings results on Monday, August 5th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same quarter in the prior year, the firm earned ($0.52) EPS. As a group, analysts expect that 89bio will post -2.42 EPS for the current year.

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.