HC Wainwright Reaffirms Buy Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB - Get Free Report)'s stock had its "buy" rating reissued by research analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $29.00 target price on the stock. HC Wainwright's price objective indicates a potential upside of 187.41% from the company's previous close.

ETNB has been the subject of several other reports. Raymond James dropped their price objective on 89bio from $53.00 to $49.00 and set a "strong-buy" rating for the company in a report on Friday. Cantor Fitzgerald reissued an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a report on Friday, September 20th. Finally, Royal Bank of Canada dropped their target price on 89bio from $13.00 to $12.00 and set a "sector perform" rating for the company in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, 89bio has a consensus rating of "Moderate Buy" and an average target price of $30.33.

89bio Trading Down 3.4 %

Shares of NASDAQ:ETNB traded down $0.36 during mid-day trading on Monday, reaching $10.09. The stock had a trading volume of 374,003 shares, compared to its average volume of 939,078. The firm has a 50 day simple moving average of $8.18 and a two-hundred day simple moving average of $8.40. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04. 89bio has a twelve month low of $6.88 and a twelve month high of $16.63. The firm has a market cap of $992.65 million, a PE ratio of -3.59 and a beta of 1.07.

Institutional Trading of 89bio

Several large investors have recently made changes to their positions in ETNB. Swiss National Bank increased its holdings in 89bio by 3.1% during the 1st quarter. Swiss National Bank now owns 147,200 shares of the company's stock worth $1,713,000 after purchasing an additional 4,400 shares during the period. ProShare Advisors LLC raised its holdings in shares of 89bio by 34.5% in the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company's stock valued at $241,000 after buying an additional 5,319 shares during the last quarter. Westfield Capital Management Co. LP increased its position in 89bio by 22.9% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company's stock valued at $25,191,000 after acquiring an additional 402,999 shares during the period. Vanguard Group Inc. grew its stake in shares of 89bio by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company's stock valued at $54,975,000 after purchasing an additional 415,386 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in shares of 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company's stock worth $92,000 after purchasing an additional 1,744 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.