89bio (NASDAQ:ETNB) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of 89bio (NASDAQ:ETNB) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $27.00 price target on the stock.

According to Zacks, “89bio Inc. is clinical-stage biopharmaceutical company. It is focused on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. The company’s lead product candidate, BIO89-100, is being developed for the treatment of nonalcoholic steatohepatitis. 89bio Inc. is headquartered in San Francisco. “

A number of other equities analysts have also recently issued reports on the company. BTIG Research increased their target price on 89bio from $51.00 to $58.00 and gave the stock a buy rating in a report on Tuesday, September 15th. Chardan Capital increased their price target on 89bio from $59.00 to $95.00 and gave the company a buy rating in a research report on Tuesday, September 15th. BofA Securities raised 89bio from a neutral rating to a buy rating and increased their price target for the company from $37.00 to $43.00 in a research report on Friday, September 25th. Piper Sandler began coverage on 89bio in a research report on Thursday, July 30th. They issued an overweight rating and a $54.00 price target for the company. Finally, BidaskClub lowered 89bio from a hold rating to a sell rating in a research report on Tuesday, September 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $52.33.

Shares of ETNB opened at $23.73 on Wednesday. 89bio has a 12-month low of $14.00 and a 12-month high of $47.25. The business’s fifty day moving average is $29.62 and its 200 day moving average is $27.75. The stock has a market cap of $399.95 million and a P/E ratio of -0.68.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, August 13th. The company reported ($0.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.03). Analysts anticipate that 89bio will post -3.1 earnings per share for the current fiscal year.

In other news, Director Orbimed Advisors Llc sold 275,000 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $28.00, for a total transaction of $7,700,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ra Capital Management, L.P. purchased 1,300,000 shares of the business’s stock in a transaction dated Thursday, September 17th. The shares were purchased at an average price of $28.00 per share, with a total value of $36,400,000.00. The disclosure for this purchase can be found here. Company insiders own 18.10% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in shares of 89bio by 8.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 31,286 shares of the company’s stock worth $624,000 after acquiring an additional 2,481 shares during the period. Point72 Asset Management L.P. bought a new position in 89bio in the 2nd quarter worth about $433,000. Bank of America Corp DE boosted its stake in 89bio by 56.7% in the 2nd quarter. Bank of America Corp DE now owns 16,423 shares of the company’s stock worth $327,000 after purchasing an additional 5,940 shares during the period. Logos Global Management LP boosted its stake in 89bio by 17.4% in the 2nd quarter. Logos Global Management LP now owns 290,000 shares of the company’s stock worth $5,780,000 after purchasing an additional 43,000 shares during the period. Finally, HC Advisors LLC bought a new position in 89bio in the 2nd quarter worth about $267,000. Institutional investors own 63.13% of the company’s stock.

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, BIO89-100, a glycoPEGylated analog of fibroblast growth factor 21 that is being developed for the treatment of nonalcoholic steatohepatitis.

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