Leerink Partners Thinks 89bio’s Stock is Going to Recover

By Carrie Williams

Leerink Partners analyst Thomas Smith maintained a Buy rating on 89bio (ETNBResearch Report) on June 10. The company’s shares closed last Friday at $19.38, close to its 52-week low of $16.85.

According to TipRanks.com, Smith is a 1-star analyst with an average return of -3.6% and a 38.9% success rate. Smith covers the Healthcare sector, focusing on stocks such as Connect Biopharma Holdings, Madrigal Pharmaceuticals, and Eledon Pharmaceuticals.

Currently, the analyst consensus on 89bio is a Strong Buy with an average price target of $55.33, which is a 175.0% upside from current levels. In a report issued on May 31, Oppenheimer also assigned a Buy rating to 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 $14.78 million. In comparison, last year the company had a GAAP net loss of $10.54 million.

Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ETNB in relation to earlier this year.

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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.