Oppenheimer Reaffirms Market Perform Rating for 89bio (NASDAQ:ETNB)

by · The Markets Daily

Oppenheimer reissued their market perform rating on shares of 89bio (NASDAQ:ETNB – Free Report) in a research note issued to investors on Tuesday morning, Benzinga reports.

Several other brokerages have also weighed in on ETNB. Royal Bank of Canada decreased their price objective on 89bio from $15.00 to $14.00 and set a sector perform rating on the stock in a report on Friday, March 1st. Cantor Fitzgerald reissued an overweight rating and set a $29.00 price objective on shares of 89bio in a report on Monday, March 4th. Finally, HC Wainwright cut their target price on 89bio from $32.00 to $31.00 and set a buy rating for the company in a research report on Friday, March 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, 89bio presently has an average rating of Moderate Buy and a consensus target price of $31.11.

Check Out Our Latest Research Report on ETNB

89bio Price Performance

Shares of NASDAQ:ETNB opened at $12.93 on Tuesday. 89bio has a 1-year low of $6.57 and a 1-year high of $22.93. The firm has a market capitalization of $1.21 billion, a PE ratio of -6.43 and a beta of 1.04. The business’s 50 day moving average is $10.76 and its 200-day moving average is $11.23. The company has a current ratio of 20.04, a quick ratio of 18.23 and a debt-to-equity ratio of 0.05.

89bio (NASDAQ:ETNB – Get Free Report) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.01). Sell-side analysts predict that 89bio will post -2.3 earnings per share for the current year.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction on Monday, February 26th. The stock was sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the transaction, the chief executive officer now owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other 89bio news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the business’s stock in a transaction on Monday, March 4th. The stock was purchased at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the transaction, the director now owns 12,431,584 shares in the company, valued at approximately $190,824,814.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the completion of the transaction, the chief executive officer now owns 486,889 shares of the company’s stock, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On 89bio

Institutional investors and hedge funds have recently made changes to their positions in the company. Wetzel Investment Advisors Inc. bought a new stake in shares of 89bio during the fourth quarter worth $34,000. Acadian Asset Management LLC bought a new stake in shares of 89bio during the first quarter worth $34,000. Dark Forest Capital Management LP bought a new stake in shares of 89bio during the first quarter worth $39,000. AJOVista LLC bought a new stake in shares of 89bio during the fourth quarter worth $42,000. Finally, US Bancorp DE raised its position in shares of 89bio by 132.5% during the second quarter. US Bancorp DE now owns 2,202 shares of the company’s stock worth $42,000 after acquiring an additional 1,255 shares during the last quarter.

89bio Company Profile

(Get Free Report)

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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