Raymond James Lowers 89bio (NASDAQ:ETNB) Price Target to $49.00

by · The Markets Daily

89bio (NASDAQ:ETNB – Get Free Report) had its target price dropped by investment analysts at Raymond James from $53.00 to $49.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ target price points to a potential upside of 376.19% from the stock’s current price.

Several other research analysts have also recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Royal Bank of Canada lowered their price objective 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. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

Read Our Latest Stock Analysis on ETNB

89bio Trading Up 3.3 %

NASDAQ:ETNB traded up $0.33 on Friday, reaching $10.29. 358,420 shares of the company’s stock were exchanged, compared to its average volume of 939,831. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -5.22 and a beta of 1.07. 89bio has a 52-week low of $6.88 and a 52-week high of $16.63. The company has a quick ratio of 13.92, a current ratio of 13.92 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average of $8.14 and a 200-day moving average of $8.39.

89bio (NASDAQ:ETNB – Get Free Report) last released its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter last year, the business earned ($0.52) EPS. As a group, analysts expect that 89bio will post -2.32 earnings per share for the current year.

Hedge Funds Weigh In On 89bio

A number of large investors have recently modified their holdings of ETNB. Ameritas Investment Partners Inc. raised its position in 89bio by 28.4% in the first quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock worth $92,000 after acquiring an additional 1,744 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after purchasing an additional 3,557 shares in the last quarter. Swiss National Bank lifted its stake in shares of 89bio by 3.1% in the first quarter. Swiss National Bank now owns 147,200 shares of the company’s stock valued at $1,713,000 after purchasing an additional 4,400 shares during the period. ProShare Advisors LLC boosted its holdings in 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 buying an additional 5,319 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after buying an additional 5,421 shares during the period.

89bio Company Profile

(Get Free Report)

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.

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