89bio, Inc. (NASDAQ:ETNB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

89bio, Inc. (NASDAQ:ETNB) has received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $30.33.

Several research analysts recently commented on ETNB shares. Raymond James reduced their price objective on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Finally, Royal Bank of Canada lowered their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th.

Institutional Trading of 89bio

A number of institutional investors and hedge funds have recently made changes to their positions in ETNB. Intech Investment Management LLC purchased a new position in 89bio in the 3rd quarter valued at about $160,000. Quest Partners LLC increased its stake in shares of 89bio by 172.1% in the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after acquiring an additional 13,961 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of 89bio by 165.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock worth $1,687,000 after buying an additional 142,032 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC increased its holdings in 89bio by 42.6% in the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 46,159 shares of the company’s stock valued at $342,000 after purchasing an additional 13,783 shares during the last quarter.

89bio Trading Down 3.8 %

ETNB opened at $10.05 on Tuesday. 89bio has a 12 month low of $6.88 and a 12 month high of $16.63. The stock has a fifty day moving average price of $8.18 and a 200-day moving average price of $8.40. The firm has a market cap of $988.72 million, a price-to-earnings ratio of -3.45 and a beta of 1.07. The company has a current ratio of 13.92, a quick ratio of 13.92 and a debt-to-equity ratio of 0.04.

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.