89bio (NASDAQ:ETNB) Sees Unusually-High Trading Volume – Still a Buy?

Shares of 89bio, Inc. (NASDAQ:ETNB) saw unusually-high trading volume on Tuesday . Approximately 2,881,132 shares were traded during trading, an increase of 14% from the previous session’s volume of 2,534,830 shares.The stock last traded at $9.59 and had previously closed at $9.00.

Analyst Ratings Changes

A number of research analysts recently weighed in on ETNB shares. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research report on Saturday, January 18th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st. 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 stock. According to MarketBeat, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

The business has a 50 day moving average price of $7.76 and a two-hundred day moving average price of $8.18. The stock has a market cap of $945.09 million, a PE ratio of -3.06 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.

Insider Transactions at 89bio

In related news, Director Charles Mcwherter bought 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the transaction, the insider now owns 271,833 shares in the company, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 30,000 shares of company stock worth $235,700 in the last ninety days. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Several hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. bought a new stake in shares of 89bio during the second quarter valued at about $66,000. Kingswood Wealth Advisors LLC purchased a new stake in 89bio in the 4th quarter worth approximately $86,000. China Universal Asset Management Co. Ltd. boosted its holdings in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the period. Intech Investment Management LLC purchased a new position in shares of 89bio during the 3rd quarter valued at $160,000. Finally, Quest Partners LLC increased its holdings in shares of 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after purchasing an additional 13,961 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.