89bio (NASDAQ:ETNB) Earns “Buy” Rating from Bank of America

Bank of America reaffirmed their buy rating on shares of 89bio (NASDAQ:ETNB) in a research report released on Monday morning, Marketbeat Ratings reports. Bank of America currently has a $30.00 price objective on the stock.

ETNB has been the subject of a number of other research reports. Royal Bank of Canada reduced their price objective on 89bio from $15.00 to $14.00 and set a sector perform rating for the company in a research report on Friday, March 1st. HC Wainwright reaffirmed a buy rating and issued a $31.00 price objective on shares of 89bio in a report on Wednesday, March 27th. Oppenheimer reaffirmed a market perform rating on shares of 89bio in a report on Tuesday, March 5th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $29.00 price objective on shares of 89bio in a report on Friday, April 5th. Finally, Evercore ISI lifted their target price on 89bio from $29.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, 89bio currently has an average rating of Moderate Buy and an average target price of $29.00.

89bio Trading Down 3.8 %

ETNB opened at $8.58 on Monday. The stock has a market cap of $816.99 million, a PE ratio of -4.27 and a beta of 1.04. The company has a quick ratio of 20.04, a current ratio of 20.04 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $11.07 and a 200-day moving average of $9.93. 89bio has a 52 week low of $6.57 and a 52 week high of $22.93.

89bio (NASDAQ:ETNB) last released its earnings results on Thursday, February 29th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). Equities research analysts predict that 89bio will post -2.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $10.76, for a total value of $48,172.52. Following the sale, the chief executive officer now directly owns 486,889 shares of the company’s stock, valued at $5,238,925.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 89bio news, Director Ra Capital Management, L.P. bought 1,350,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were purchased at an average price of $15.35 per share, with a total value of $20,722,500.00. Following the completion of the purchase, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Rohan Palekar sold 4,477 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the transaction, the chief executive officer now directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Wetzel Investment Advisors Inc. purchased a new stake in shares of 89bio in the fourth quarter valued at approximately $34,000. AJOVista LLC purchased a new stake in shares of 89bio in the fourth quarter valued at approximately $42,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of 89bio by 349.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock valued at $98,000 after purchasing an additional 6,802 shares during the period. Quest Partners LLC purchased a new stake in shares of 89bio in the fourth quarter valued at approximately $117,000. Finally, Chicago Partners Investment Group LLC lifted its holdings in 89bio by 43.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock worth $158,000 after buying an additional 4,673 shares during the period.

About 89bio

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.