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

89bio (NASDAQ:ETNB) had its target price lowered by Raymond James from $53.00 to $49.00 in a report published on Friday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

Several other brokerages also recently commented on ETNB. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research note on Tuesday, August 6th. Royal Bank of Canada reduced their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Two research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Performance

89bio stock traded up $0.49 during trading hours on Friday, reaching $10.45. 760,377 shares of the company’s stock were exchanged, compared to its average volume of 660,865. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92. The firm’s 50 day simple moving average is $8.16 and its 200 day simple moving average is $8.40. 89bio has a twelve month low of $6.88 and a twelve month high of $16.63.

89bio (NASDAQ:ETNB) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.85). As a group, sell-side analysts predict that 89bio will post -2.32 earnings per share for the current year.

Institutional Investors Weigh In On 89bio

A number of hedge funds have recently modified their holdings of the stock. Candriam S.C.A. raised its holdings in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after acquiring an additional 538,079 shares during the period. Westfield Capital Management Co. LP raised its holdings in 89bio by 22.9% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,164,147 shares of the company’s stock valued at $25,191,000 after acquiring an additional 402,999 shares during the period. Vanguard Group Inc. raised its holdings in 89bio by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after acquiring an additional 415,386 shares during the period. Renaissance Technologies LLC bought a new stake in 89bio during the 2nd quarter valued at $2,238,000. Finally, Janus Henderson Group PLC raised its holdings in 89bio by 41.4% during the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock valued at $146,646,000 after acquiring an additional 3,688,241 shares during the period.

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.