89bio (NASDAQ:ETNB) Earns Overweight Rating from Cantor Fitzgerald

89bio (NASDAQ:ETNB - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report released on Thursday,Benzinga reports. They presently have a $29.00 target price on the stock. Cantor Fitzgerald's price objective points to a potential upside of 263.41% from the company's previous close.

ETNB has been the topic of several other research reports. Raymond James raised 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. HC Wainwright restated a "buy" rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

89bio Trading Up 2.0 %

Shares of ETNB traded up $0.16 during trading hours on Thursday, reaching $7.98. The stock had a trading volume of 798,560 shares, compared to its average volume of 975,598. The company has a market cap of $846.89 million, a P/E ratio of -2.74 and a beta of 1.12. 89bio has a 52 week low of $6.43 and a 52 week high of $16.63. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average of $8.41 and a 200 day moving average of $8.31.

Insider Buying and Selling at 89bio

In other news, CEO Rohan Palekar purchased 10,000 shares of the stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the acquisition, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders acquired 25,000 shares of company stock worth $202,950. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 89bio

Hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates increased its stake in 89bio by 35.2% in the second quarter. Raymond James & Associates now owns 182,943 shares of the company's stock valued at $1,465,000 after purchasing an additional 47,670 shares in the last quarter. Bank of New York Mellon Corp raised its stake in 89bio by 20.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company's stock worth $2,401,000 after buying an additional 50,943 shares during the period. Rhumbline Advisers boosted its holdings in 89bio by 26.9% in the second quarter. Rhumbline Advisers now owns 128,944 shares of the company's stock worth $1,033,000 after acquiring an additional 27,334 shares in the last quarter. Candriam S.C.A. grew its stake in 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock valued at $6,793,000 after acquiring an additional 538,079 shares during the period. Finally, Quest Partners LLC increased its holdings in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company's stock valued at $65,000 after acquiring an additional 5,626 shares in the last quarter.

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.