Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 2,881,132 shares traded hands during trading, an increase of 14% from the previous session's volume of 2,534,830 shares.The stock last traded at $9.59 and had previously closed at $9.00.
Analyst Ratings Changes
A number of research firms have weighed in on ETNB. Cantor Fitzgerald reiterated an "overweight" rating and set a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a research note on Saturday, January 18th. HC Wainwright reissued a "buy" rating and issued a $29.00 price target on shares of 89bio in a research report on Tuesday, January 21st. Raymond James upgraded 89bio to a "strong-buy" rating in a research note on Thursday, December 12th. Finally, UBS Group lifted their price objective on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.43.
Read Our Latest Research Report on 89bio
89bio Stock Performance
The business has a 50-day simple moving average of $7.83 and a 200 day simple moving average of $8.20. 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 firm has a market cap of $1.02 billion, a PE ratio of -3.29 and a beta of 1.14.
Insiders Place Their Bets
In related news, Director Charles Mcwherter bought 5,000 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, 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. Insiders bought a total of 30,000 shares of company stock worth $235,700 over the last three months. 2.80% of the stock is currently owned by company insiders.
Institutional Trading of 89bio
A number of institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers lifted its position in shares of 89bio by 3.3% during the fourth quarter. Rhumbline Advisers now owns 129,980 shares of the company's stock worth $1,016,000 after purchasing an additional 4,125 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in 89bio by 22.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company's stock worth $195,000 after purchasing an additional 4,562 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in 89bio during the 4th quarter valued at about $86,000. SG Americas Securities LLC lifted its stake in shares of 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 purchasing an additional 5,612 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. purchased a new position in 89bio in the fourth quarter worth $739,000.
About 89bio
(
Get Free Report)
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.
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