Brokerages Set 89bio, Inc. (NASDAQ:ETNB) PT at $26.67

89bio, Inc. (NASDAQ:ETNB) has received an average rating of “Moderate Buy” from the eight brokerages that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $30.14.

A number of analysts recently weighed in on ETNB shares. Royal Bank of Canada decreased their price target 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Monday, July 1st. Evercore ISI decreased their price target on shares of 89bio from $37.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday, May 15th. Bank of America reiterated a “buy” rating and issued a $30.00 price objective on shares of 89bio in a report on Monday, April 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday.

Institutional Investors Weigh In On 89bio

A number of institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. raised its stake in shares of 89bio by 11.8% in the 1st quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock valued at $148,607,000 after purchasing an additional 1,350,000 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock valued at $146,646,000 after purchasing an additional 3,688,241 shares in the last quarter. RTW Investments LP bought a new stake in shares of 89bio during the 4th quarter valued at about $62,317,000. Vanguard Group Inc. grew its position in shares of 89bio by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after buying an additional 415,386 shares during the last quarter. Finally, BVF Inc. IL grew its position in shares of 89bio by 119.2% during the 4th quarter. BVF Inc. IL now owns 4,047,354 shares of the company’s stock valued at $45,209,000 after buying an additional 2,201,200 shares during the last quarter.

89bio Stock Up 3.6 %

Shares of NASDAQ ETNB opened at $7.99 on Friday. The firm has a fifty day moving average of $8.41 and a 200-day moving average of $9.55. The company has a quick ratio of 15.03, a current ratio of 15.03 and a debt-to-equity ratio of 0.05. 89bio has a 52-week low of $6.57 and a 52-week high of $18.30. The stock has a market capitalization of $786.09 million, a PE ratio of -3.98 and a beta of 1.10.

89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter in the previous year, the firm earned ($0.52) EPS. On average, analysts anticipate that 89bio will post -2.42 EPS for the current year.

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.