89bio (NASDAQ:ETNB) Rating Increased to Buy at Zacks Investment Research

89bio (NASDAQ:ETNB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $41.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 40.46% from the company’s previous close.

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 research analysts have also recently weighed in on the company. BTIG Research upped their price objective on 89bio from $51.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler assumed coverage on 89bio in a research note on Thursday, July 30th. They set an “overweight” rating and a $54.00 price objective for the company. Chardan Capital upped their price objective on 89bio from $59.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Oppenheimer restated a “buy” rating and set a $60.00 price objective on shares of 89bio in a research note on Tuesday, May 19th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $54.00.

Shares of ETNB stock opened at $29.19 on Tuesday. 89bio has a twelve month low of $14.00 and a twelve month high of $47.25. The stock has a market capitalization of $491.97 million and a price-to-earnings ratio of -0.84. The stock has a fifty day simple moving average of $33.71 and a two-hundred day simple moving average of $28.48.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, August 13th. The company reported ($0.85) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.82) by ($0.03). Analysts forecast that 89bio will post -3.24 EPS for the current fiscal year.

In other 89bio news, major shareholder Longitude Capital Partners Iii bought 109,090 shares of 89bio stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average cost of $27.50 per share, with a total value of $2,999,975.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ra Capital Management, L.P. bought 275,000 shares of 89bio stock in a transaction that occurred on Wednesday, July 8th. The shares were acquired at an average cost of $27.50 per share, for a total transaction of $7,562,500.00. The disclosure for this purchase can be found here. Corporate insiders own 18.10% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN increased its holdings in shares of 89bio by 998.7% in the first quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock valued at $66,000 after purchasing an additional 2,387 shares during the period. California Public Employees Retirement System acquired a new position in shares of 89bio in the second quarter valued at about $217,000. Bank of New York Mellon Corp acquired a new position in shares of 89bio in the first quarter valued at about $246,000. HC Advisors LLC acquired a new position in shares of 89bio in the second quarter valued at about $267,000. Finally, Bank of America Corp DE increased its holdings in shares of 89bio by 56.7% in the second quarter. Bank of America Corp DE now owns 16,423 shares of the company’s stock valued at $327,000 after purchasing an additional 5,940 shares during the period. 63.13% of the stock is currently owned by institutional investors.

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

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