89bio, Inc. (NASDAQ:ETNB) Short Interest Up 12.2% in December

89bio, Inc. (NASDAQ:ETNB) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 7,790,000 shares, an increase of 12.2% from the December 15th total of 6,940,000 shares. Based on an average daily volume of 943,200 shares, the short-interest ratio is currently 8.3 days.

Insider Activity at 89bio

In other 89bio news, CEO Rohan Palekar purchased 5,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now owns 271,833 shares of the company’s stock, valued at $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 90 days, insiders bought 25,000 shares of company stock valued at $202,950. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Several hedge funds have recently made changes to their positions in ETNB. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio in the 2nd quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. increased its position in shares of 89bio by 76.2% during the third 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 acquired a new position in shares of 89bio in the third quarter valued at $160,000. Quest Partners LLC lifted its position in 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. Finally, SG Americas Securities LLC boosted its stake in 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after buying an additional 5,421 shares in the last quarter.

89bio Stock Performance

Shares of 89bio stock traded up $0.22 during midday trading on Friday, hitting $6.31. The company had a trading volume of 1,863,182 shares, compared to its average volume of 1,074,441. 89bio has a 1-year low of $5.99 and a 1-year high of $16.63. The business’s 50 day simple moving average is $7.96 and its two-hundred day simple moving average is $8.21. The stock has a market cap of $669.68 million, a PE ratio of -2.17 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two research 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 stock. According to data from MarketBeat.com, 89bio currently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

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.