Several other research firms have also recently issued reports on ETNB. Bank of America upgraded 89bio from a neutral rating to a buy rating and set a $43.00 target price for the company in a research report on Friday, September 25th. Chardan Capital increased their target price on 89bio from $59.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, September 15th. Zacks Investment Research upgraded 89bio from a hold rating to a buy rating and set a $28.00 target price for the company in a research report on Friday, November 6th. BTIG Research increased their target price on 89bio from $51.00 to $58.00 and gave the stock a buy rating in a research report on Tuesday, September 15th. Finally, Raymond James initiated coverage on 89bio in a research report on Monday, October 19th. They set a strong-buy rating and a $65.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $57.38.
NASDAQ ETNB opened at $21.88 on Thursday. The stock’s 50-day moving average price is $26.28 and its 200-day moving average price is $28.13. 89bio has a 52 week low of $14.00 and a 52 week high of $47.25. The company has a market capitalization of $434.95 million and a P/E ratio of -4.33.
89bio (NASDAQ:ETNB) last posted its quarterly earnings data on Sunday, November 15th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.02). On average, analysts forecast that 89bio will post -3.08 EPS for the current fiscal year.
In other 89bio news, insider Ram Waisbourd sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 16th. The stock was sold at an average price of $27.04, for a total transaction of $189,280.00. Following the completion of the transaction, the insider now owns 7,000 shares in the company, valued at approximately $189,280. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 18.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Prospera Financial Services Inc purchased a new position in shares of 89bio in the 3rd quarter worth approximately $38,000. American International Group Inc. boosted its holdings in shares of 89bio by 116.5% in the 3rd quarter. American International Group Inc. now owns 3,894 shares of the company’s stock worth $100,000 after purchasing an additional 2,095 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of 89bio by 8.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 31,286 shares of the company’s stock worth $624,000 after purchasing an additional 2,481 shares during the period. Phoenix Holdings Ltd. boosted its holdings in shares of 89bio by 8.5% in the 3rd quarter. Phoenix Holdings Ltd. now owns 33,751 shares of the company’s stock worth $798,000 after purchasing an additional 2,646 shares during the period. Finally, HC Advisors LLC boosted its holdings in shares of 89bio by 22.1% in the 3rd quarter. HC Advisors LLC now owns 16,359 shares of the company’s stock worth $420,000 after purchasing an additional 2,959 shares during the period. Hedge funds and other institutional investors own 58.95% of the company’s stock.
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 BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis.
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