The Goldman Sachs Group started coverage on shares of 89bio (NASDAQ:ETNB - Free Report) in a research report sent to investors on Friday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $11.00 price objective on the stock.
A number of other research firms also recently weighed in on ETNB. Cantor Fitzgerald reissued an "overweight" rating and set a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. HC Wainwright reissued a "buy" rating and issued a $21.00 price objective (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Citigroup began coverage on shares of 89bio in a research report on Thursday, March 13th. They set a "buy" rating and a $25.00 target price on the stock. Raymond James upgraded shares of 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. Finally, Wolfe Research began coverage on 89bio in a research report on Tuesday, February 4th. They set an "outperform" rating on the stock. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $27.56.
View Our Latest Report on 89bio
89bio Stock Performance
89bio stock traded down $0.15 during trading hours on Friday, hitting $8.55. The company had a trading volume of 1,688,722 shares, compared to its average volume of 1,148,606. The firm has a 50-day moving average of $8.82 and a 200 day 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 $1.25 billion, a PE ratio of -2.94 and a beta of 1.17. 89bio has a one year low of $5.99 and a one year high of $13.71.
89bio (NASDAQ:ETNB - Get Free Report) last announced its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). On average, sell-side analysts expect that 89bio will post -3.19 earnings per share for the current year.
Insider Buying and Selling at 89bio
In related news, insider Quoc Le-Nguyen sold 10,963 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total value of $71,149.87. Following the sale, the insider now directly owns 271,833 shares of the company's stock, valued at $1,764,196.17. This trade represents a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ra Capital Management, L.P. bought 5,714,285 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the transaction, the director now owns 19,554,319 shares of the company's stock, valued at approximately $171,100,291.25. The trade was a 41.29 % 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.
Hedge Funds Weigh In On 89bio
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its holdings in shares of 89bio by 12.5% during the fourth quarter. California State Teachers Retirement System now owns 76,921 shares of the company's stock worth $602,000 after buying an additional 8,570 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 89bio by 26.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 178,691 shares of the company's stock worth $1,397,000 after purchasing an additional 37,693 shares in the last quarter. Woodline Partners LP increased its holdings in 89bio by 640.1% in the 4th quarter. Woodline Partners LP now owns 394,826 shares of the company's stock worth $3,088,000 after purchasing an additional 341,479 shares in the last quarter. Stempoint Capital LP acquired a new stake in shares of 89bio during the fourth quarter valued at about $4,268,000. Finally, Suvretta Capital Management LLC grew its holdings in shares of 89bio by 27.7% during the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock worth $79,785,000 after purchasing an additional 2,211,052 shares during the last quarter.
About 89bio
(
Get Free Report)
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.
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