89bio (NASDAQ:ETNB) Trading Up 5.7% – What’s Next?

89bio, Inc. (NASDAQ:ETNB) shares were up 5.7% on Monday . The stock traded as high as $9.58 and last traded at $9.50. Approximately 101,572 shares were traded during trading, a decline of 89% from the average daily volume of 941,882 shares. The stock had previously closed at $8.99.

Analyst Ratings Changes

Several research analysts have weighed in on ETNB shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Raymond James reduced their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Finally, Royal Bank of Canada dropped their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, 89bio has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Performance

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’s 50 day moving average price is $8.26 and its two-hundred day moving average price is $8.38. The firm has a market capitalization of $1.03 billion, a PE ratio of -3.30 and a beta of 1.07.

Insider Buying and Selling at 89bio

In related news, CEO Rohan Palekar purchased 10,000 shares of the business’s stock in a transaction 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 purchase, the chief executive officer now directly owns 466,236 shares in the company, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 2.80% of the stock is owned by insiders.

Institutional Trading of 89bio

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of 89bio by 14.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after purchasing an additional 1,882,108 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of 89bio during the third quarter worth $5,631,000. Westfield Capital Management Co. LP grew its holdings in 89bio by 29.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after purchasing an additional 686,673 shares during the period. Candriam S.C.A. grew its position in 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of 89bio by 9.6% in the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after purchasing an additional 415,386 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.