89bio’s (ETNB) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of 89bio (NASDAQ:ETNB) in a research report report published on Monday morning,Benzinga reports. The firm currently has a $29.00 price objective on the stock.

A number of other brokerages have also issued reports on ETNB. Raymond James dropped 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, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Finally, Royal Bank of Canada dropped their price target on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Performance

89bio stock opened at $8.92 on Monday. 89bio has a 12-month low of $7.00 and a 12-month high of $16.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company has a market capitalization of $946.15 million, a price-to-earnings ratio of -3.14 and a beta of 1.07. The firm’s fifty day moving average price is $8.19 and its 200 day moving average price is $8.42.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ETNB. Candriam S.C.A. grew its holdings in 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after buying an additional 538,079 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of 89bio by 22.9% during the first quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock valued at $25,191,000 after purchasing an additional 402,999 shares in the last quarter. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 415,386 shares during the period. Harbor Capital Advisors Inc. grew its position in 89bio by 165.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after buying an additional 142,032 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in 89bio in the 2nd quarter valued at about $2,238,000.

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.