89bio (NASDAQ:ETNB) Now Covered by Citigroup

Citigroup started coverage on shares of 89bio (NASDAQ:ETNB) in a research report issued on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $25.00 price target on the stock. Citigroup’s target price suggests a potential upside of 199.40% from the stock’s previous close.

Several other brokerages also recently issued reports on ETNB. Wolfe Research began coverage on shares of 89bio in a report on Tuesday, February 4th. They set an “outperform” rating for the company. UBS Group lifted their price target on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a report on Friday, January 31st. Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, 89bio presently has a consensus rating of “Buy” and a consensus target price of $29.63.

89bio Price Performance

NASDAQ:ETNB opened at $8.35 on Thursday. The company has a 50-day moving average of $8.79 and a 200-day moving average of $8.46. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -2.87 and a beta of 1.17. 89bio has a 52 week low of $5.99 and a 52 week high of $13.71. 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 (NASDAQ:ETNB) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.42). As a group, equities research analysts anticipate that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Transactions at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now owns 271,833 shares in the company, valued at $1,764,196.17. The trade was a 3.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Mcwherter purchased 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were acquired at an average price of $6.55 per share, with a total value of $32,750.00. Following the transaction, the director now owns 15,000 shares in the company, valued at $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 89bio

Institutional investors have recently modified their holdings of the business. Quest Partners LLC boosted its stake in 89bio by 172.1% during 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. Intech Investment Management LLC bought a new position in 89bio during the 3rd quarter worth approximately $160,000. Charles Schwab Investment Management Inc. boosted its stake in 89bio by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock worth $5,336,000 after acquiring an additional 53,932 shares during the last quarter. Algert Global LLC boosted its stake in 89bio by 103.4% during the 3rd quarter. Algert Global LLC now owns 62,217 shares of the company’s stock worth $460,000 after acquiring an additional 31,630 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in 89bio by 29.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after acquiring an additional 686,673 shares during the last quarter.

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.