89bio (NASDAQ:ETNB) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of 89bio (NASDAQ:ETNB) in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage issued a neutral rating and a $11.00 price target on the stock.

A number of other research firms also recently weighed in on ETNB. UBS Group upped their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a report on Friday, March 7th. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.56.

89bio Trading Up 3.5 %

Shares of NASDAQ:ETNB opened at $8.47 on Friday. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $8.80 and its 200 day moving average price is $8.45. The company has a market cap of $1.24 billion, a PE ratio of -2.91 and a beta of 1.17. 89bio has a fifty-two week low of $5.99 and a fifty-two week high of $13.71.

89bio (NASDAQ:ETNB) last announced its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.42). Sell-side analysts anticipate that 89bio will post -3.19 earnings per share for the current year.

Insider Activity at 89bio

In related news, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Mcwherter acquired 5,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On 89bio

A number of large investors have recently made changes to their positions in the business. Federated Hermes Inc. grew its position in 89bio by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares in the last quarter. Quarry LP purchased a new position in shares of 89bio during the 4th quarter valued at $55,000. Kingswood Wealth Advisors LLC acquired a new position in shares of 89bio in the fourth quarter worth $86,000. Sandia Investment Management LP raised its holdings in shares of 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in 89bio during the fourth quarter valued at $87,000.

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.