Analysts Set 89bio, Inc. (NASDAQ:ETNB) PT at $30.33

Shares of 89bio, Inc. (NASDAQ:ETNB) have received an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment 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. The average 1 year price target among analysts that have covered the stock in the last year is $30.33.

A number of equities research analysts have commented on ETNB shares. Raymond James upgraded 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Thursday.

89bio Stock Down 0.3 %

ETNB stock opened at $7.96 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio has a 12 month low of $6.43 and a 12 month high of $16.63. The firm has a market capitalization of $844.76 million, a PE ratio of -2.74 and a beta of 1.12. The company’s 50 day simple moving average is $8.41 and its 200-day simple moving average is $8.31.

Insider Activity at 89bio

In related news, CEO Rohan Palekar bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost of $8.35 per share, with a total value of $83,500.00. Following the completion of the transaction, the chief executive officer now owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders acquired 25,000 shares of company stock worth $202,950. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 89bio

Several institutional investors and hedge funds have recently bought and sold shares of ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 89bio by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock valued at $1,043,000 after buying an additional 1,624 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in 89bio by 12.8% in the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after acquiring an additional 3,557 shares during the last quarter. SG Americas Securities LLC grew its position in 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after acquiring an additional 5,421 shares during the period. Quest Partners LLC increased its stake in 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Finally, Algert Global LLC raised 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 worth $245,000 after purchasing an additional 7,203 shares during the period.

About 89bio

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.