89bio (NASDAQ:ETNB) Trading Up 8.3% – Here’s Why

Shares of 89bio, Inc. (NASDAQ:ETNB) traded up 8.3% on Thursday . The stock traded as high as $9.67 and last traded at $9.45. 1,627,349 shares were traded during trading, a decline of 47% from the average session volume of 3,062,719 shares. The stock had previously closed at $8.73.

Wall Street Analyst Weigh In

Several brokerages have commented on ETNB. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Saturday, January 18th. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report 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 target price on shares of 89bio in a research report on Tuesday, January 21st. Two equities 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company has a fifty day moving average of $7.80 and a 200 day moving average of $8.19. The firm has a market capitalization of $1.02 billion, a P/E ratio of -3.31 and a beta of 1.14.

Insider Transactions at 89bio

In other news, CEO Rohan Palekar purchased 5,000 shares of the business’s stock in a transaction on 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 completion of the acquisition, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares in the company, valued at $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. In the last ninety days, insiders acquired 30,000 shares of company stock valued at $235,700. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ETNB. Rhumbline Advisers boosted its stake in 89bio by 3.3% during the 4th quarter. Rhumbline Advisers now owns 129,980 shares of the company’s stock valued at $1,016,000 after purchasing an additional 4,125 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in 89bio by 22.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company’s stock valued at $195,000 after buying an additional 4,562 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in 89bio during the 4th quarter valued at $86,000. SG Americas Securities LLC boosted its holdings in 89bio by 18.3% during the 4th quarter. SG Americas Securities LLC now owns 36,325 shares of the company’s stock worth $284,000 after acquiring an additional 5,612 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in shares of 89bio in the 4th quarter worth $739,000.

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.