HC Wainwright restated their buy rating on shares of 89bio (NASDAQ:ETNB - Free Report) in a research report released on Tuesday,Benzinga reports. HC Wainwright currently has a $29.00 price target on the stock.
Several other research analysts have also commented on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of 89bio in a research report on Saturday. Raymond James raised 89bio to a "strong-buy" rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, 89bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.
Check Out Our Latest Stock Report on 89bio
89bio Stock Up 4.3 %
NASDAQ:ETNB traded up $0.27 during mid-day trading on Tuesday, reaching $6.58. The company's stock had a trading volume of 1,548,891 shares, compared to its average volume of 1,000,622. 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 market capitalization of $698.34 million, a PE ratio of -2.26 and a beta of 1.14. The stock has a fifty day moving average of $7.89 and a 200-day moving average of $8.22. 89bio has a 1 year low of $5.99 and a 1 year high of $16.63.
Insider Buying and Selling at 89bio
In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of the business's 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 completion of the sale, the insider now directly owns 271,833 shares in the company, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rohan Palekar purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the transaction, the chief executive officer now directly owns 466,236 shares of the company's stock, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 25,000 shares of company stock valued at $202,950. 2.80% of the stock is owned by insiders.
Institutional Investors Weigh In On 89bio
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its holdings in 89bio by 14.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company's stock valued at $112,140,000 after acquiring an additional 1,882,108 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of 89bio during the 3rd quarter worth $5,631,000. Westfield Capital Management Co. LP grew its holdings in shares of 89bio by 29.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company's stock valued at $22,245,000 after purchasing an additional 686,673 shares during the period. Walleye Capital LLC raised its stake in 89bio by 1,232.2% during the third quarter. Walleye Capital LLC now owns 435,298 shares of the company's stock worth $3,221,000 after purchasing an additional 402,624 shares during the period. Finally, Exome Asset Management LLC acquired a new position in 89bio in the 3rd quarter valued at about $2,224,000.
89bio Company Profile
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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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