Weiss Ratings Reiterates Sell (D-) Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB)‘s stock had its “sell (d-)” rating reaffirmed by analysts at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.

A number of other brokerages have also weighed in on ETNB. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Raymond James upgraded 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Two equities research 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 company. According to data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Trading Up 3.6 %

Shares of NASDAQ ETNB traded up $0.22 during mid-day trading on Friday, hitting $6.31. The stock had a trading volume of 1,863,182 shares, compared to its average volume of 1,074,441. The firm has a market cap of $669.68 million, a P/E ratio of -2.17 and a beta of 1.14. 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 has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $8.22. 89bio has a 1 year low of $5.99 and a 1 year high of $16.63.

Insiders Place Their Bets

In other news, CEO Rohan Palekar acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the acquisition, the chief executive officer now directly owns 471,236 shares in the company, valued at approximately $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction on Wednesday, January 15th. The shares were 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 in the company, valued at approximately $1,764,196.17. This represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 25,000 shares of company stock valued at $202,950. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 89bio

Hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC boosted 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 buying an additional 1,882,108 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of 89bio in the 3rd quarter worth $5,631,000. Westfield Capital Management Co. LP raised its holdings in 89bio by 29.6% in the 3rd 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. Walleye Capital LLC lifted its position in 89bio by 1,232.2% during the third quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock valued at $3,221,000 after purchasing an additional 402,624 shares in the last quarter. Finally, Exome Asset Management LLC bought a new stake in 89bio during the third quarter valued at about $2,224,000.

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.