89bio (NASDAQ:ETNB) Earns Buy Rating from HC Wainwright

89bio (NASDAQ:ETNB)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $29.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 220.44% from the stock’s previous close.

Several other brokerages also recently weighed in on ETNB. Raymond James reduced their price objective on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Royal Bank of Canada decreased their price objective on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, 89bio currently has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Price Performance

Shares of NASDAQ ETNB opened at $9.05 on Monday. The stock’s 50-day simple moving average is $8.19 and its 200-day simple moving average is $8.41. The firm has a market capitalization of $890.34 million, a PE ratio of -3.22 and a beta of 1.07. 89bio has a fifty-two week low of $6.88 and a fifty-two week high of $16.63. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92.

Institutional Investors Weigh In On 89bio

Hedge funds have recently made changes to their positions in the business. Quest Partners LLC raised its stake in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after acquiring an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio during the second quarter worth $66,000. Ameritas Investment Partners Inc. grew 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 buying an additional 1,744 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after buying an additional 8,810 shares during the period. Finally, Intech Investment Management LLC purchased a new position in 89bio during the 3rd quarter worth $160,000.

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.