Cantor Fitzgerald Reaffirms “Overweight” Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research note issued on Thursday,Benzinga reports. They currently have a $29.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 264.32% from the stock’s current price.

A number of other research firms have also recently commented on ETNB. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Down 0.3 %

Shares of NASDAQ:ETNB opened at $7.96 on Thursday. The stock has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $8.31. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $844.76 million, a price-to-earnings ratio of -2.74 and a beta of 1.12. 89bio has a 12-month low of $6.43 and a 12-month high of $16.63.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of the firm’s stock in a transaction 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 acquisition, the chief executive officer now directly owns 466,236 shares in the company, valued at $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have bought 25,000 shares of company stock valued at $202,950 over the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ETNB. JPMorgan Chase & Co. raised its position in shares of 89bio by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock valued at $736,000 after buying an additional 43,384 shares during the last quarter. Exome Asset Management LLC bought a new position in shares of 89bio in the 3rd quarter valued at about $2,224,000. Barclays PLC boosted its holdings in shares of 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock worth $1,590,000 after purchasing an additional 149,479 shares during the period. Geode Capital Management LLC boosted its stake in 89bio by 8.4% during the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after buying an additional 160,356 shares during the period. Finally, Sphera Funds Management LTD. boosted its stake in shares of 89bio by 1.9% during the 3rd quarter. Sphera Funds Management LTD. now owns 536,547 shares of the company’s stock worth $3,970,000 after purchasing an additional 10,000 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.