89bio (NASDAQ:ETNB) Shares Up 8.3% - What's Next?

89bio, Inc. (NASDAQ:ETNB - Get Free Report)'s share price was up 8.3% during trading on Thursday . The company traded as high as $9.67 and last traded at $9.45. Approximately 1,627,349 shares were traded during trading, a decline of 47% from the average daily volume of 3,062,719 shares. The stock had previously closed at $8.73.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Raymond James raised shares of 89bio to a "strong-buy" rating in a report on Thursday, December 12th. HC Wainwright reissued a "buy" rating and set a $29.00 target price on shares of 89bio in a research note on Tuesday, January 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, January 18th. UBS Group raised their target price on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research report on Friday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a research 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 given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $31.43.

89bio Stock Performance

The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14. The firm's fifty day moving average price is $7.84 and its 200 day moving average price is $8.20.

Insider Buying and Selling

In related news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio 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 completion of the transaction, the insider now owns 271,833 shares in the company, valued at $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rohan Palekar acquired 10,000 shares of the company's stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the transaction, 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 90 days, insiders have bought 30,000 shares of company stock valued at $235,700. Corporate insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On 89bio

Several institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 89bio by 1.2% during the 3rd 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. New York State Common Retirement Fund raised its stake in 89bio by 24.3% during the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock worth $128,000 after acquiring an additional 3,200 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in 89bio by 12.8% in the second 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 during the last quarter. Rhumbline Advisers boosted its stake in 89bio by 3.3% in the fourth quarter. Rhumbline Advisers now owns 129,980 shares of the company's stock valued at $1,016,000 after acquiring an additional 4,125 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of 89bio by 22.4% during the fourth 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 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.