Raymond James Issues Pessimistic Forecast for 89bio (NASDAQ:ETNB) Stock Price

89bio (NASDAQ:ETNB - Get Free Report) had its price objective decreased by stock analysts at Raymond James from $53.00 to $49.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "strong-buy" rating on the stock. Raymond James' price objective points to a potential upside of 368.90% from the company's previous close.

A number of other equities research analysts also recently weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Royal Bank of Canada reduced their price target 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. Finally, HC Wainwright reissued a "buy" rating and set a $29.00 price objective on shares of 89bio in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.33.

89bio Trading Up 4.9 %

ETNB stock traded up $0.49 during trading on Friday, hitting $10.45. The company had a trading volume of 760,251 shares, compared to its average volume of 941,683. 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 one year low of $6.88 and a one year high of $16.63. The business has a 50-day moving average of $8.16 and a 200-day moving average of $8.40. The stock has a market cap of $1.03 billion, a PE ratio of -5.30 and a beta of 1.07.

89bio (NASDAQ:ETNB - Get Free Report) last released its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same quarter last year, the business posted ($0.52) earnings per share. Research analysts predict that 89bio will post -2.32 earnings per share for the current fiscal year.

Institutional Trading of 89bio

Several institutional investors have recently made changes to their positions in ETNB. Ameritas Investment Partners Inc. grew its position in 89bio by 28.4% in the 1st 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 in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company's stock worth $251,000 after buying an additional 3,557 shares during the last quarter. Swiss National Bank grew its holdings in shares of 89bio by 3.1% in the first quarter. Swiss National Bank now owns 147,200 shares of the company's stock valued at $1,713,000 after acquiring an additional 4,400 shares in the last quarter. ProShare Advisors LLC increased its position in shares of 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company's stock valued at $241,000 after acquiring an additional 5,319 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company's stock worth $227,000 after acquiring an additional 5,421 shares during the period.

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.