Brokerages Set 89bio, Inc. (NASDAQ:ETNB) Target Price at $30.33

89bio, Inc. (NASDAQ:ETNB) has earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $30.33.

Several equities analysts recently commented on the company. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Raymond James cut their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Friday, September 20th. Finally, Royal Bank of Canada cut their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th.

89bio Price Performance

Shares of NASDAQ:ETNB opened at $7.93 on Tuesday. 89bio has a 1-year low of $7.00 and a 1-year high of $16.63. The firm has a market capitalization of $841.61 million, a PE ratio of -2.73 and a beta of 1.07. The business’s 50 day moving average is $8.19 and its 200-day moving average is $8.42. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On 89bio

Institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. raised its position in 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after purchasing an additional 1,744 shares during the last quarter. Quest Partners LLC raised its position in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of 89bio during the second quarter worth $66,000. China Universal Asset Management Co. Ltd. raised its position in shares of 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 acquiring an additional 8,810 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock worth $241,000 after acquiring an additional 5,319 shares during the last quarter.

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.