89bio, Inc. (NASDAQ:ETNB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have been given an average recommendation of “Moderate Buy” by the seven analysts that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $30.33.

ETNB has been the subject of several recent research reports. Royal Bank of Canada cut their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. Raymond James lowered their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research report on Friday. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday.

89bio Trading Down 3.8 %

Shares of NASDAQ:ETNB opened at $10.05 on Tuesday. The stock’s 50-day simple moving average is $8.18 and its two-hundred day simple moving average is $8.40. The stock has a market capitalization of $988.72 million, a price-to-earnings ratio of -3.45 and a beta of 1.07. 89bio has a 52-week low of $6.88 and a 52-week high of $16.63. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92.

Institutional Trading of 89bio

Several hedge funds have recently bought and sold shares of ETNB. Candriam S.C.A. grew its holdings in shares of 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of 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 last quarter. Vanguard Group Inc. grew its position in 89bio by 9.6% in the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after acquiring an additional 415,386 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in 89bio by 165.3% during the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after purchasing an additional 142,032 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in 89bio during the 2nd quarter valued at $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.