89bio, Inc. (NASDAQ:ETNB) Short Interest Update

89bio, Inc. (NASDAQ:ETNB) was the recipient of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 5,880,000 shares, a growth of 6.5% from the November 15th total of 5,520,000 shares. Based on an average daily trading volume, of 767,600 shares, the short-interest ratio is presently 7.7 days.

Analysts Set New Price Targets

A number of research firms have recently commented on ETNB. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of 89bio in a research report on Monday, November 11th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.33.

Insider Activity

In other news, CEO Rohan Palekar bought 5,000 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the purchase, the chief executive officer now owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles Mcwherter purchased 10,000 shares of 89bio stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 25,000 shares of company stock valued at $202,950. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC boosted its stake in shares of 89bio by 226.2% during the 2nd 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 period. Northwestern Mutual Wealth Management Co. bought a new position in 89bio during the second quarter worth $66,000. China Universal Asset Management Co. Ltd. boosted its position in 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares during the period. Intech Investment Management LLC acquired a new stake in shares of 89bio during the 3rd quarter worth about $160,000. Finally, SG Americas Securities LLC bought a new stake in shares of 89bio during the 2nd quarter worth about $203,000.

89bio Stock Up 1.0 %

ETNB stock traded up $0.08 during midday trading on Tuesday, hitting $7.98. The company’s stock had a trading volume of 1,059,812 shares, compared to its average volume of 948,400. The company’s fifty day moving average price is $8.45 and its 200 day moving average price is $8.36. 89bio has a twelve month low of $7.00 and a twelve month high of $16.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The stock has a market capitalization of $846.89 million, a P/E ratio of -2.74 and a beta of 1.12.

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.