89bio (NASDAQ:ETNB – Get Free Report) had its price objective boosted by investment analysts at Royal Bank of Canada from $33.00 to $34.00 in a report released on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 104.45% from the stock’s previous close.
A number of other research analysts have also commented on ETNB. HC Wainwright increased their price objective on 89bio from $30.00 to $35.00 in a research report on Monday, May 8th. Cantor Fitzgerald reduced their price target on 89bio from $41.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday. BTIG Research raised their price target on 89bio from $30.00 to $37.00 in a research report on Sunday, July 2nd. Finally, Evercore ISI assumed coverage on 89bio in a research report on Tuesday, June 13th. They issued an “outperform” rating and a $49.00 price target on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $37.63.
View Our Latest Stock Report on ETNB
89bio Trading Up 1.3 %
89bio (NASDAQ:ETNB – Get Free Report) last released its quarterly earnings results on Wednesday, August 9th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). On average, sell-side analysts predict that 89bio will post -1.92 EPS for the current fiscal year.
Insider Transactions at 89bio
In other news, Director Edward Morrow Atkinson III sold 6,250 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $17.91, for a total transaction of $111,937.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Edward Morrow Atkinson III sold 6,250 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $17.91, for a total value of $111,937.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rohan Palekar sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $20.00, for a total value of $300,000.00. Following the completion of the sale, the chief executive officer now owns 286,978 shares of the company’s stock, valued at $5,739,560. The disclosure for this sale can be found here. Insiders sold a total of 33,750 shares of company stock worth $646,938 over the last quarter. Company insiders own 4.40% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of ETNB. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of 89bio during the first quarter worth $30,000. Acadian Asset Management LLC acquired a new stake in 89bio in the first quarter valued at $34,000. Dorsey Wright & Associates acquired a new stake in 89bio in the fourth quarter valued at $37,000. Dark Forest Capital Management LP acquired a new stake in 89bio in the first quarter valued at $39,000. Finally, US Bancorp DE increased its holdings in 89bio by 132.5% in the second quarter. US Bancorp DE now owns 2,202 shares of the company’s stock valued at $42,000 after purchasing an additional 1,255 shares during the period. 97.02% of the stock is currently owned by institutional investors and hedge funds.
About 89bio
89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. The company's 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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