89bio, Inc. (NASDAQ:ETNB) Receives $30.33 Consensus Price Target from Analysts

Shares of 89bio, Inc. (NASDAQ:ETNB) have received an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $30.33.

ETNB has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Raymond James lowered their price objective on 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Royal Bank of Canada reduced 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 note on Tuesday, August 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research report on Friday, September 20th.

Hedge Funds Weigh In On 89bio

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC lifted its stake in 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of 89bio in the second quarter worth $66,000. Ameritas Investment Partners Inc. boosted its stake in 89bio by 28.4% during the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after buying an additional 1,744 shares during the period. China Universal Asset Management Co. Ltd. grew its position in 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after buying an additional 8,810 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in 89bio in the 3rd quarter worth about $160,000.

89bio Stock Performance

NASDAQ ETNB opened at $7.98 on Tuesday. The company has a market capitalization of $846.39 million, a PE ratio of -2.74 and a beta of 1.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio has a 52-week low of $7.00 and a 52-week high of $16.63. The company has a 50-day simple moving average of $8.18 and a 200 day simple moving average of $8.41.

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.