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.
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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