89bio (NASDAQ:ETNB) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of 89bio (NASDAQ:ETNB) in a research note published on Tuesday morning,Benzinga reports. The firm currently has a $29.00 target price on the stock.

A number of other equities analysts have also recently commented on the company. Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research report on Saturday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Stock Up 4.3 %

Shares of ETNB stock opened at $6.58 on Tuesday. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 12 month low of $5.99 and a 12 month high of $16.63. The stock has a market cap of $698.34 million, a P/E ratio of -2.26 and a beta of 1.14. The company has a 50 day simple moving average of $7.89 and a two-hundred day simple moving average of $8.22.

Insider Activity

In related news, CEO Rohan Palekar bought 10,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were purchased at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the acquisition, the chief executive officer now owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Quoc Le-Nguyen sold 10,963 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares of the company’s stock, valued at $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 25,000 shares of company stock worth $202,950 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Hedge funds have recently made changes to their positions in the company. American Century Companies Inc. raised its holdings in shares of 89bio by 219.0% during the 2nd quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock worth $512,000 after acquiring an additional 43,842 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in 89bio during the second quarter valued at $2,238,000. XTX Topco Ltd bought a new position in 89bio during the second quarter valued at $256,000. Squarepoint Ops LLC purchased a new position in shares of 89bio in the 2nd quarter worth $327,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after buying an additional 3,557 shares during the last quarter.

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 is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.