89bio, Inc. (NASDAQ:ETNB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of 89bio, Inc. (NASDAQ:ETNB) have received an average recommendation of “Moderate Buy” from the nine analysts that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $31.43.

A number of research analysts have commented on the company. Wolfe Research assumed coverage on 89bio in a research report on Tuesday, February 4th. They issued an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $29.00 price target on shares of 89bio in a research note on Tuesday, January 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Wednesday, February 19th.

89bio Stock Down 0.1 %

Shares of ETNB opened at $9.21 on Thursday. The firm has a market capitalization of $977.42 million, a price-to-earnings ratio of -3.16 and a beta of 1.17. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The business’s fifty day moving average price is $8.68 and its two-hundred day moving average price is $8.45. 89bio has a 52 week low of $5.99 and a 52 week high of $16.63.

Insider Buying and Selling

In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total value of $71,149.87. Following the sale, the insider now owns 271,833 shares of the company’s stock, valued at $1,764,196.17. This trade represents a 3.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the purchase, the chief executive officer now directly owns 471,236 shares in the company, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 5,734,285 shares of company stock valued at $50,152,194. 2.80% of the stock is owned by company insiders.

Institutional Trading of 89bio

Several hedge funds and other institutional investors have recently modified their holdings of ETNB. Federated Hermes Inc. raised its stake in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares during the period. Quarry LP bought a new position in shares of 89bio in the 4th quarter valued at about $55,000. Kingswood Wealth Advisors LLC bought a new position in shares of 89bio in the 4th quarter valued at about $86,000. Hsbc Holdings PLC bought a new position in shares of 89bio in the 4th quarter valued at about $87,000. Finally, Sandia Investment Management LP grew its holdings in shares of 89bio by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after acquiring an additional 2,500 shares in the last quarter.

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.