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 Friday, Zacks.com reports. The firm currently has a $33.00 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 8.62% from the stock’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. “

Other equities analysts also recently issued research reports about the company. Piper Sandler started coverage on 89bio in a report on Thursday. They issued an “overweight” rating and a $54.00 price objective on the stock. Chardan Capital began coverage on 89bio in a report on Tuesday, July 7th. They set a “buy” rating and a $58.00 price target on the stock. Oppenheimer reiterated a “buy” rating and set a $60.00 price target on shares of 89bio in a report on Tuesday, May 19th. Finally, BTIG Research began coverage on 89bio in a report on Thursday, July 23rd. They set a “buy” rating on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. 89bio currently has a consensus rating of “Buy” and a consensus price target of $47.00.

NASDAQ:ETNB opened at $30.38 on Friday. The stock’s 50 day moving average price is $27.94 and its 200 day moving average price is $27.36. 89bio has a 52 week low of $14.00 and a 52 week high of $47.25.

89bio (NASDAQ:ETNB) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.76) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.10. On average, sell-side analysts anticipate that 89bio will post -3.79 EPS for the current year.

In related news, major shareholder Longitude Capital Partners Iii acquired 109,090 shares of the stock in a transaction dated Friday, July 10th. The shares were acquired at an average price of $27.50 per share, for a total transaction of $2,999,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ra Capital Management, L.P. acquired 275,000 shares of the stock in a transaction dated Wednesday, July 8th. The stock was bought at an average price of $27.50 per share, for a total transaction of $7,562,500.00. The disclosure for this purchase can be found here. Company insiders own 18.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in ETNB. Victory Capital Management Inc. acquired a new stake in shares of 89bio in the fourth quarter worth $25,000. Wells Fargo & Company MN lifted its position in 89bio by 998.7% in the first quarter. Wells Fargo & Company MN now owns 2,626 shares of the company’s stock worth $66,000 after purchasing an additional 2,387 shares during the period. UBS Group AG bought a new position in 89bio in the fourth quarter worth $163,000. Bank of New York Mellon Corp bought a new position in 89bio in the first quarter worth $246,000. Finally, Royal Bank of Canada lifted its position in 89bio by 4.3% in the first quarter. Royal Bank of Canada now owns 19,941 shares of the company’s stock worth $503,000 after purchasing an additional 814 shares during the period. Institutional investors and hedge funds own 82.37% of the company’s stock.

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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Analyst Recommendations for 89bio (NASDAQ:ETNB)

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