89bio (NASDAQ:ETNB) Now Covered by Citigroup

Investment analysts at Citigroup began coverage on shares of 89bio (NASDAQ:ETNB) in a research note issued on Thursday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $25.00 price target on the stock. Citigroup’s price objective points to a potential upside of 199.40% from the company’s current price.

A number of other equities research analysts have also issued reports on ETNB. Wolfe Research initiated coverage on shares of 89bio in a report on Tuesday, February 4th. They set an “outperform” rating on the stock. UBS Group boosted 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. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective (down from $29.00) on shares of 89bio in a research report on Friday, February 28th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, 89bio has a consensus rating of “Buy” and a consensus target price of $29.63.

89bio Stock Up 10.7 %

NASDAQ ETNB opened at $8.35 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company’s 50 day simple moving average is $8.79 and its 200 day simple moving average is $8.46. 89bio has a 12 month low of $5.99 and a 12 month high of $13.71. The company has a market capitalization of $1.22 billion, a P/E ratio of -2.87 and a beta of 1.17.

89bio (NASDAQ:ETNB) last released its quarterly 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). Equities research analysts expect that 89bio will post -3.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Charles Mcwherter acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the director now owns 15,000 shares in the company, valued at approximately $98,250. This represents a 50.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were purchased at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. This trade represents a 41.29 % 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

Several large investors have recently bought and sold shares of ETNB. Quest Partners LLC raised its stake in 89bio by 172.1% during the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after purchasing an additional 13,961 shares during the last quarter. Intech Investment Management LLC acquired a new position in 89bio during the 3rd quarter valued at $160,000. Charles Schwab Investment Management Inc. raised 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 valued at $5,336,000 after purchasing an additional 53,932 shares during the last quarter. Algert Global LLC raised its stake in 89bio by 103.4% during the 3rd quarter. Algert Global LLC now owns 62,217 shares of the company’s stock valued at $460,000 after purchasing an additional 31,630 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised 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 valued at $22,245,000 after purchasing an additional 686,673 shares during the last quarter.

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.