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

Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $30.33.

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

89bio Price Performance

Shares of NASDAQ ETNB traded down $0.96 during mid-day trading on Tuesday, reaching $9.09. 562,515 shares of the company were exchanged, compared to its average volume of 938,007. The stock has a market capitalization of $894.27 million, a PE ratio of -3.22 and a beta of 1.07. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04. 89bio has a 52 week low of $6.88 and a 52 week high of $16.63. The company's 50 day moving average price is $8.19 and its 200 day moving average price is $8.41.

Institutional Investors Weigh In On 89bio

Institutional investors and hedge funds have recently bought and sold shares of the company. Candriam S.C.A. grew its position in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock worth $6,793,000 after purchasing an additional 538,079 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of 89bio by 22.9% in the first quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company's stock valued at $25,191,000 after buying an additional 402,999 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of 89bio by 9.6% during the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company's stock worth $54,975,000 after purchasing an additional 415,386 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of 89bio by 165.3% in the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company's stock worth $1,687,000 after acquiring an additional 142,032 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in 89bio during the second quarter worth about $2,238,000.

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.