89bio (NASDAQ:ETNB) Price Target Cut to $29.00 by Analysts at HC Wainwright

89bio (NASDAQ:ETNB) had its price objective cut by equities researchers at HC Wainwright from $31.00 to $29.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 218.33% from the stock’s previous close.

Several other equities research analysts have also recently commented on ETNB. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Friday, April 5th. Bank of America reiterated a “buy” rating and set a $30.00 price target on shares of 89bio in a research report on Monday, April 22nd. Evercore ISI upped their price objective on 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. Royal Bank of Canada decreased their target price on 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Finally, Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.71.

89bio Trading Up 0.9 %

Shares of ETNB stock opened at $9.11 on Friday. 89bio has a 1 year low of $6.57 and a 1 year high of $22.93. The firm has a market capitalization of $867.45 million, a PE ratio of -4.53 and a beta of 1.15. The stock has a fifty day moving average of $10.71 and a two-hundred day moving average of $9.96. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.04 and a current ratio of 20.04.

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, research analysts expect that 89bio will post -2.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Rohan Palekar sold 4,477 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the completion of the sale, the chief executive officer now directly owns 486,889 shares of the company’s stock, valued at $5,238,925.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Rohan Palekar sold 4,477 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the sale, the chief executive officer now owns 486,889 shares in the company, valued at $5,238,925.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ra Capital Management, L.P. purchased 1,350,000 shares of 89bio stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the transaction, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently modified their holdings of the business. RTW Investments LP purchased a new stake in 89bio in the 4th quarter worth about $62,317,000. BVF Inc. IL lifted its position in shares of 89bio by 119.2% in the fourth quarter. BVF Inc. IL now owns 4,047,354 shares of the company’s stock worth $45,209,000 after purchasing an additional 2,201,200 shares in the last quarter. Frazier Life Sciences Management L.P. acquired a new stake in shares of 89bio during the fourth quarter worth approximately $22,340,000. Braidwell LP acquired a new stake in shares of 89bio during the third quarter worth approximately $24,556,000. Finally, Superstring Capital Management LP purchased a new position in 89bio during the fourth quarter valued at approximately $11,410,000.

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.