Brokerages Set 89bio, Inc. (NASDAQ:ETNB) PT at $31.00

Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $31.00.

Several analysts have issued reports on the company. HC Wainwright restated a "buy" rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a report on Friday, September 20th. Royal Bank of Canada reduced their target price on shares of 89bio from $13.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 6th. Finally, Raymond James increased their price target on shares of 89bio from $50.00 to $53.00 and gave the company a "strong-buy" rating in a research note on Tuesday, August 6th.

89bio Price Performance

Shares of NASDAQ ETNB traded up $0.14 during mid-day trading on Friday, reaching $8.35. The company's stock had a trading volume of 489,766 shares, compared to its average volume of 960,185. The stock has a 50-day moving average of $8.17 and a two-hundred day moving average of $8.55. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92. The stock has a market capitalization of $821.51 million, a P/E ratio of -4.15 and a beta of 1.09. 89bio has a 1-year low of $6.57 and a 1-year high of $16.63.

89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.48) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.08. During the same quarter last year, the company posted ($0.52) earnings per share. On average, equities research analysts anticipate that 89bio will post -2.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Quest Partners LLC lifted its holdings in shares of 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company's stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio during the second quarter worth $66,000. Ameritas Investment Partners Inc. boosted its position 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 buying an additional 1,744 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of 89bio in the first quarter valued at $124,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of 89bio by 10.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company's stock valued at $165,000 after buying an additional 1,360 shares in 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.