Insider Buying: 89bio, Inc. (NASDAQ:ETNB) CEO Acquires 5,000 Shares of Stock

89bio, Inc. (NASDAQ:ETNB - Get Free Report) CEO Rohan Palekar acquired 5,000 shares of the 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 acquisition, the chief executive officer now owns 471,236 shares of the company's stock, valued at approximately $3,718,052.04. The trade was a 1.07 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Rohan Palekar also recently made the following trade(s):

• On Friday, November 22nd, Rohan Palekar purchased 10,000 shares of 89bio stock. The shares were bought at an average price of $8.35 per share, with a total value of $83,500.00.

89bio Stock Performance

NASDAQ:ETNB traded down $0.03 during trading on Tuesday, reaching $8.00. The company's stock had a trading volume of 1,032,631 shares, compared to its average volume of 950,169. The firm has a market cap of $849.01 million, a price-to-earnings ratio of -2.78 and a beta of 1.12. 89bio, Inc. has a 12 month low of $7.00 and a 12 month high of $16.63. 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 firm has a 50 day moving average of $8.37 and a 200-day moving average of $8.37.

Hedge Funds Weigh In On 89bio

Institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in 89bio by 14.2% in the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company's stock valued at $112,140,000 after acquiring an additional 1,882,108 shares during the last quarter. Erste Asset Management GmbH purchased a new position in 89bio in the third quarter valued at approximately $5,631,000. Westfield Capital Management Co. LP grew its holdings in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company's stock valued at $22,245,000 after purchasing an additional 686,673 shares during the period. Candriam S.C.A. increased its position in 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock worth $6,793,000 after buying an additional 538,079 shares during the last quarter. Finally, Walleye Capital LLC raised its stake in shares of 89bio by 1,232.2% in the third quarter. Walleye Capital LLC now owns 435,298 shares of the company's stock valued at $3,221,000 after buying an additional 402,624 shares during the period.

Analyst Upgrades and Downgrades

ETNB has been the topic of a number of recent research reports. Raymond James dropped their target price on 89bio from $53.00 to $49.00 and set a "strong-buy" rating on the stock in a report on Friday, November 8th. HC Wainwright reaffirmed a "buy" rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $30.33.

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.