89bio (NASDAQ:ETNB) Earns “Overweight” Rating from Cantor Fitzgerald

89bio (NASDAQ:ETNB)‘s stock had its “overweight” rating restated by stock analysts at Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They currently have a $29.00 target price on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 270.84% from the stock’s previous close.

ETNB has been the topic of several other reports. Raymond James raised 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Price Performance

Shares of ETNB stock opened at $7.82 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio has a fifty-two week low of $6.43 and a fifty-two week high of $16.63. The firm has a market cap of $829.91 million, a P/E ratio of -2.69 and a beta of 1.12. The business’s 50 day moving average price is $8.41 and its 200-day moving average price is $8.31.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought 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 in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have purchased 25,000 shares of company stock worth $202,950. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ETNB. Quest Partners LLC raised its stake in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in 89bio during the second quarter valued at $66,000. China Universal Asset Management Co. Ltd. grew its stake in shares of 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after buying an additional 8,810 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of 89bio in the 3rd quarter worth $160,000. Finally, Algert Global LLC lifted its holdings in shares of 89bio by 30.8% in the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock valued at $245,000 after acquiring an additional 7,203 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.