In a report released today, Michael Morabito from Chardan Capital initiated coverage with a Buy rating on 89bio (ETNB) and a price target of $58.00. The company’s shares closed last Monday at $26.48.
According to TipRanks.com, Morabito is a 1-star analyst with an average return of -13.1% and a 33.3% success rate. Morabito covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals, Viking Therapeutics, and Intercept Pharma.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for 89bio with a $59.00 average price target, which is a 124.2% upside from current levels. In a report issued on July 2, Oppenheimer also maintained a Buy rating on the stock with a $60.00 price target.
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Based on 89bio’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $10.54 million. In comparison, last year the company had a GAAP net loss of $4.44 million.
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89bio, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on the development and commercialization of innovative therapies for nonalcoholic steatohepatitis (NASH), liver and cardio-metabolic diseases. The company was founded on January 01, 2018 and is headquartered in San Francisco, CA.
