89bio (NASDAQ:ETNB) Trading 7.3% Higher - Still a Buy?

89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares traded up 7.3% during trading on Friday . The company traded as high as $8.43 and last traded at $8.35. 104,341 shares were traded during trading, a decline of 89% from the average session volume of 931,878 shares. The stock had previously closed at $7.78.

Wall Street Analyst Weigh In

Several research firms have weighed in on ETNB. HC Wainwright reissued a "buy" rating and issued a $29.00 price objective on shares of 89bio in a research report on Tuesday, August 6th. Royal Bank of Canada decreased their price objective on shares of 89bio from $13.00 to $12.00 and set a "sector perform" rating for the company in a report on Tuesday, August 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Finally, Raymond James raised their price target on shares of 89bio from $50.00 to $53.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned 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 $31.00.

89bio Price Performance

The firm has a market capitalization of $899.19 million, a PE ratio of -4.24 and a beta of 1.09. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92. The business's 50 day moving average is $8.11 and its two-hundred day moving average is $8.38.

89bio (NASDAQ:ETNB - Get Free Report) last released its earnings results 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 period in the prior year, the firm posted ($0.52) earnings per share. As a group, research analysts anticipate that 89bio, Inc. will post -2.32 EPS for the current year.

Institutional Investors Weigh In On 89bio

Institutional investors have recently made changes to their positions in the business. Capstone Investment Advisors LLC bought a new stake in 89bio in the first quarter worth $1,208,000. Candriam S.C.A. boosted its holdings in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock valued at $6,793,000 after acquiring an additional 538,079 shares during the period. Westfield Capital Management Co. LP grew its position in 89bio by 22.9% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company's stock worth $25,191,000 after acquiring an additional 402,999 shares during the last quarter. Vanguard Group Inc. increased its stake in 89bio by 9.6% in the 1st 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 during the period. Finally, Renaissance Technologies LLC bought a new stake in 89bio in the second quarter valued at approximately $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.