Bank of America Reiterates Buy Rating for 89bio (NASDAQ:ETNB)

Bank of America reaffirmed their buy rating on shares of 89bio (NASDAQ:ETNB) in a research note issued to investors on Monday, MarketBeat reports. They currently have a $30.00 price objective on the stock.

Several other analysts have also recently commented on ETNB. HC Wainwright reiterated a buy rating and set a $31.00 target price on shares of 89bio in a research report on Wednesday, March 27th. Cantor Fitzgerald restated an overweight rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, April 5th. Royal Bank of Canada lowered their price objective on shares of 89bio from $15.00 to $14.00 and set a sector perform rating for the company in a research report on Friday, March 1st. Evercore ISI upped their price objective on shares of 89bio from $29.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, March 6th. Finally, Oppenheimer reaffirmed a market perform rating on shares of 89bio in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $29.00.

89bio Stock Down 3.8 %

Shares of ETNB opened at $8.58 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The business’s 50 day simple moving average is $11.07 and its 200-day simple moving average is $9.93. 89bio has a one year low of $6.57 and a one year high of $22.93. The company has a market capitalization of $816.99 million, a P/E ratio of -4.27 and a beta of 1.04.

89bio (NASDAQ:ETNB) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.01). As a group, sell-side analysts predict that 89bio will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Rohan Palekar sold 4,477 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the transaction, the chief executive officer now directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Rohan Palekar sold 4,477 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the sale, the chief executive officer now directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the stock in a transaction on Monday, March 4th. The stock was bought at an average cost of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares in the company, valued at $190,824,814.40. The disclosure for this purchase can be found here. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wetzel Investment Advisors Inc. bought a new position in shares of 89bio during the fourth quarter worth approximately $34,000. AJOVista LLC acquired a new stake in shares of 89bio during the 4th quarter worth approximately $42,000. China Universal Asset Management Co. Ltd. boosted its position in shares of 89bio by 349.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock worth $98,000 after acquiring an additional 6,802 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of 89bio during the 4th quarter worth approximately $117,000. Finally, Chicago Partners Investment Group LLC boosted its position in shares of 89bio by 43.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock worth $158,000 after acquiring an additional 4,673 shares in the last quarter.

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.