Analysts Set 89bio (NASDAQ:ETNB) Price Target at $52.00

Shares of 89bio (NASDAQ:ETNB) have been assigned an average recommendation of “Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $55.57.

Several equities analysts have recently weighed in on the company. Chardan Capital raised their price objective on 89bio from $59.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. BidaskClub cut 89bio from a “hold” rating to a “sell” rating in a report on Tuesday, September 22nd. Piper Sandler started coverage on shares of 89bio in a research note on Thursday, July 30th. They issued an “overweight” rating and a $54.00 target price for the company. Bank of America upgraded shares of 89bio from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Friday, September 25th. Finally, BofA Securities upgraded shares of 89bio from a “neutral” rating to a “buy” rating and raised their target price for the company from $37.00 to $43.00 in a research note on Friday, September 25th.

In related news, Director Ra Capital Management, L.P. acquired 1,300,000 shares of the business’s stock in a transaction on Thursday, September 17th. The stock was purchased at an average cost of $28.00 per share, for a total transaction of $36,400,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Orbimed Advisors Llc sold 275,000 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $28.00, for a total transaction of $7,700,000.00. The disclosure for this sale can be found here. Company insiders own 18.10% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of 89bio by 4.3% during the first quarter. Royal Bank of Canada now owns 19,941 shares of the company’s stock worth $503,000 after purchasing an additional 814 shares during the period. Wells Fargo & Company MN increased its holdings in shares of 89bio by 998.7% during the first quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock worth $66,000 after purchasing an additional 2,387 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of 89bio by 8.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 31,286 shares of the company’s stock worth $624,000 after purchasing an additional 2,481 shares during the period. Bank of America Corp DE increased its holdings in shares of 89bio by 56.7% during the second quarter. Bank of America Corp DE now owns 16,423 shares of the company’s stock worth $327,000 after purchasing an additional 5,940 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of 89bio during the first quarter worth approximately $246,000. 63.13% of the stock is currently owned by institutional investors.

Shares of NASDAQ ETNB opened at $23.73 on Thursday. The stock has a market capitalization of $399.95 million and a price-to-earnings ratio of -0.68. The business has a 50-day moving average of $29.62 and a 200-day moving average of $27.75. 89bio has a fifty-two week low of $14.00 and a fifty-two week high of $47.25.

89bio (NASDAQ:ETNB) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.85) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.82) by ($0.03). On average, sell-side analysts anticipate that 89bio will post -3.1 earnings per share for the current fiscal 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, BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 that is being developed for the treatment of nonalcoholic steatohepatitis.

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Analyst Recommendations for 89bio (NASDAQ:ETNB)

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