Ra Capital Management, L.P. Buys 5,714,285 Shares of 89bio, Inc. (NASDAQ:ETNB) Stock

89bio, Inc. (NASDAQ:ETNB - Get Free Report) Director Ra Capital Management, L.P. purchased 5,714,285 shares of the business's stock in a transaction that occurred on Thursday, January 30th. The stock was bought at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the acquisition, the director now owns 19,554,319 shares of the company's stock, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

89bio Trading Down 0.2 %

Shares of ETNB stock traded down $0.02 on Friday, hitting $11.41. The stock had a trading volume of 1,402,271 shares, compared to its average volume of 3,248,995. The company's 50 day moving average price is $7.98 and its 200-day moving average price is $8.26. 89bio, Inc. has a 1 year low of $5.99 and a 1 year high of $16.63. 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 capitalization of $1.21 billion, a P/E ratio of -3.92 and a beta of 1.17.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st. UBS Group increased their price target on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, January 31st. Cantor Fitzgerald restated an "overweight" rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, February 1st. Finally, Wolfe Research started coverage on 89bio in a research note on Tuesday. They set an "outperform" rating for the company. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.43.

Hedge Funds Weigh In On 89bio

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of 89bio by 77.4% in the third quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company's stock valued at $736,000 after purchasing an additional 43,384 shares during the period. Assenagon Asset Management S.A. purchased a new position in 89bio in the 4th quarter valued at approximately $1,897,000. Barclays PLC boosted its position in 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company's stock valued at $1,590,000 after buying an additional 149,479 shares during the period. Geode Capital Management LLC grew its stake in shares of 89bio by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company's stock worth $15,358,000 after acquiring an additional 160,356 shares in the last quarter. Finally, FMR LLC increased its position in shares of 89bio by 2,153.2% during the third quarter. FMR LLC now owns 73,386 shares of the company's stock worth $543,000 after acquiring an additional 70,129 shares during the period.

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.