89bio, Inc. (NASDAQ:ETNB) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) have earned a consensus rating of "Moderate Buy" from the ten brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $27.56.

Several equities research analysts recently issued reports on the company. Wolfe Research initiated coverage on 89bio in a research note on Tuesday, February 4th. They set an "outperform" rating for the company. Raymond James raised 89bio to a "strong-buy" rating in a research note on Thursday, December 12th. UBS Group lifted their price target on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price target (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd.

89bio Stock Performance

Shares of 89bio stock traded down $0.06 during trading hours on Monday, reaching $8.73. The company had a trading volume of 1,367,891 shares, compared to its average volume of 1,148,442. 89bio has a one year low of $5.99 and a one year high of $12.16. The business has a fifty day simple moving average of $8.87 and a 200 day simple moving average of $8.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a market cap of $1.27 billion, a PE ratio of -3.00 and a beta of 1.17.

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89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, analysts anticipate that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Buying and Selling at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now owns 271,833 shares of the company's stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles Mcwherter acquired 5,000 shares of 89bio stock in a transaction that occurred on Tuesday, January 21st. The stock was acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the purchase, the director now directly owns 15,000 shares of the company's stock, valued at $98,250. This represents a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On 89bio

Large investors have recently made changes to their positions in the stock. Federated Hermes Inc. boosted its stake in shares of 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after acquiring an additional 4,236 shares in the last quarter. Quarry LP acquired a new position in shares of 89bio during the 4th quarter worth about $55,000. Kingswood Wealth Advisors LLC acquired a new position in shares of 89bio during the 4th quarter worth about $86,000. Hsbc Holdings PLC acquired a new stake in 89bio in the 4th quarter valued at about $87,000. Finally, Sandia Investment Management LP raised its holdings in 89bio by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after acquiring an additional 2,500 shares during the last quarter.

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.