Analysts Set 89bio, Inc. (NASDAQ:ETNB) PT at $27.56

89bio, Inc. (NASDAQ:ETNB - Get Free Report) has earned an average recommendation of "Moderate Buy" from the ten analysts that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $27.56.

A number of research analysts have issued reports on the company. Citigroup initiated coverage on 89bio in a report on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective for the company. UBS Group upped their price target on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, January 31st. HC Wainwright reissued a "buy" rating and set a $21.00 price objective (down from $29.00) on shares of 89bio in a report on Friday, February 28th. The Goldman Sachs Group began coverage on shares of 89bio in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target for the company. Finally, Wolfe Research started coverage on shares of 89bio in a report on Tuesday, February 4th. They set an "outperform" rating for the company.

89bio Stock Performance

Shares of ETNB traded down $0.28 during trading hours on Friday, reaching $5.77. 80,569 shares of the company traded hands, compared to its average volume of 1,298,688. 89bio has a 1-year low of $4.16 and a 1-year high of $11.84. The stock has a market cap of $842.33 million, a P/E ratio of -1.99 and a beta of 1.25. The stock's fifty day moving average is $8.36 and its 200 day moving average is $8.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

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

Insider Activity

In related news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the company's stock in a transaction dated Thursday, January 30th. The shares were bought at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the completion of the transaction, the director now directly owns 19,554,319 shares of the company's stock, valued at $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Mcwherter bought 5,000 shares of 89bio stock in a transaction that occurred on Tuesday, January 21st. The shares were bought at an average cost of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the director now directly owns 15,000 shares in the company, valued at $98,250. This trade represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by insiders.

Institutional Trading of 89bio

Several institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in 89bio by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company's stock worth $736,000 after acquiring an additional 43,384 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of 89bio during the 4th quarter valued at approximately $1,897,000. Barclays PLC increased its position in 89bio by 228.9% during the 3rd quarter. Barclays PLC now owns 214,768 shares of the company's stock worth $1,590,000 after purchasing an additional 149,479 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of 89bio during the fourth quarter worth $114,000. Finally, Geode Capital Management LLC grew its position in 89bio by 8.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company's stock worth $15,358,000 after acquiring an additional 160,356 shares during the last quarter.

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.