89bio (NASDAQ:ETNB) Sees Strong Trading Volume - Here's What Happened

89bio, Inc. (NASDAQ:ETNB - Get Free Report) saw unusually-high trading volume on Friday . Approximately 1,705,503 shares were traded during mid-day trading, an increase of 81% from the previous session's volume of 943,383 shares.The stock last traded at $8.00 and had previously closed at $7.89.

Analyst Upgrades and Downgrades

ETNB has been the subject of a number of recent analyst reports. Raymond James cut their price objective on 89bio from $53.00 to $49.00 and set a "strong-buy" rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald restated an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Finally, HC Wainwright restated a "buy" rating and issued a $29.00 price objective on shares of 89bio in a research report 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

89bio Price Performance

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 stock has a market capitalization of $856.47 million, a PE ratio of -2.77 and a beta of 1.12. The company has a 50-day moving average of $8.36 and a 200 day moving average of $8.37.

Insider Buying and Selling

In related news, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction on Friday, November 22nd. The shares were bought at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the purchase, the chief executive officer now owns 466,236 shares of the company's stock, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On 89bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 89bio by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company's stock worth $1,043,000 after buying an additional 1,624 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company's stock valued at $251,000 after purchasing an additional 3,557 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of 89bio by 21.4% in the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company's stock valued at $227,000 after purchasing an additional 5,421 shares during the last quarter. Quest Partners LLC lifted its stake in shares of 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company's stock valued at $65,000 after purchasing an additional 5,626 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of 89bio by 28.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,221 shares of the company's stock valued at $364,000 after purchasing an additional 7,000 shares during the last quarter.

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.