89bio, Inc. (NASDAQ:ETNB) Given Average Rating of “Moderate Buy” by Brokerages

89bio, Inc. (NASDAQ:ETNB) has been given an average recommendation of “Moderate Buy” by the seven analysts that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $30.33.

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Royal Bank of Canada cut their price target on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Raymond James cut their price target on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Monday, November 11th.

Institutional Inflows and Outflows

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

89bio Stock Down 9.4 %

Shares of 89bio stock opened at $7.93 on Tuesday. The stock has a 50-day moving average price of $8.19 and a 200 day moving average price of $8.42. The company has a market cap of $841.61 million, a P/E ratio of -2.73 and a beta of 1.07. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 1 year low of $7.00 and a 1 year high of $16.63.

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.