Piper Sandler Initiates Coverage on 89bio (NASDAQ:ETNB)
Piper Sandler assumed coverage on shares of 89bio (NASDAQ:ETNB) in a research note released on Thursday, BenzingaRatingsTable reports. The brokerage issued an overweight rating and a $54.00 price target on the stock.
ETNB has been the subject of several other reports. Oppenheimer reiterated a buy rating and set a $60.00 price objective on shares of 89bio in a research note on Tuesday, May 19th. Zacks Investment Research upgraded 89bio from a sell rating to a hold rating in a research note on Tuesday, July 21st. Chardan Capital started coverage on 89bio in a research note on Tuesday, July 7th. They set a buy rating and a $58.00 price objective for the company. Finally, BTIG Research began coverage on 89bio in a research note on Thursday, July 23rd. They set a buy rating for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $47.00.
ETNB traded up $1.29 on Thursday, reaching $30.38. 78,372 shares of the stock were exchanged. The company’s 50-day moving average price is $27.94 and its 200 day moving average price is $27.36. 89bio has a fifty-two week low of $14.00 and a fifty-two week high of $47.25.
In other 89bio news, major shareholder Longitude Capital Partners Iii acquired 109,090 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were purchased at an average cost of $27.50 per share, for a total transaction of $2,999,975.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ra Capital Management, L.P. purchased 275,000 shares of the firm’s stock in a transaction on Wednesday, July 8th. The shares were purchased 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. Corporate insiders own 18.10% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ETNB. Geode Capital Management LLC boosted its stake in shares of 89bio by 23.1% during the first quarter. Geode Capital Management LLC now owns 69,002 shares of the company’s stock worth $1,742,000 after buying an additional 12,969 shares during the period. Franklin Resources Inc. purchased a new stake in 89bio in the 4th quarter worth approximately $6,573,000. BlackRock Inc. boosted its holdings in shares of 89bio by 18.8% in the 1st quarter. BlackRock Inc. now owns 217,748 shares of the company’s stock valued at $5,498,000 after purchasing an additional 34,426 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in shares of 89bio in the 1st quarter valued at $1,102,000. Finally, State Street Corp boosted its holdings in shares of 89bio by 130.5% in the 1st quarter. State Street Corp now owns 48,086 shares of the company’s stock valued at $1,214,000 after purchasing an additional 27,222 shares during the last quarter. Institutional investors 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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