Wolfe Research initiated coverage of 89bio (ETNB) with an Outperform rating and $15 price target. Considering how low the stock is currently trading, it’s difficult to envision it reaching $37-$39 in the near term absent M&A due to the inherent bias against the name, the analyst tells investors in a research note. Wolfe adds that this can only be alleviated through additional data and this isn’t expected to come any time soon, though the firm’s “napkin math” suggests that based on acquisition potential of Akera Therapeutics (AKRO), a $15 price target for 89bio is warranted.
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