89bio (NASDAQ:ETNB) Shares Gap Up - Here's Why

89bio, Inc. (NASDAQ:ETNB - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $7.13, but opened at $10.60. 89bio shares last traded at $10.97, with a volume of 13,434,411 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ETNB. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, January 18th. UBS Group increased their target price on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday. Raymond James upgraded 89bio to a "strong-buy" rating in a report on Thursday, December 12th. HC Wainwright reiterated a "buy" rating and set a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, 89bio presently has an average rating of "Moderate Buy" and a consensus target price of $31.43.

89bio Trading Down 0.4 %

The firm has a fifty day moving average of $7.84 and a 200-day moving average of $8.20. 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 stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14.

Insider Activity at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rohan Palekar bought 10,000 shares of 89bio stock in a transaction dated Friday, November 22nd. The shares were acquired 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 in the company, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 30,000 shares of company stock worth $235,700. 2.80% of the stock is currently owned by company insiders.

Institutional Trading of 89bio

Several institutional investors have recently added to or reduced their stakes in ETNB. Squarepoint Ops LLC acquired a new stake in 89bio during the second quarter valued at approximately $327,000. The Manufacturers Life Insurance Company raised its position in shares of 89bio by 12.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company's stock valued at $251,000 after acquiring an additional 3,557 shares in the last quarter. Algert Global LLC boosted its holdings in 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company's stock worth $245,000 after purchasing an additional 7,203 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio in the second quarter worth $66,000. Finally, SG Americas Securities LLC increased its stake in 89bio by 21.4% during the third 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.

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.