89bio (NASDAQ:ETNB) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research assumed coverage on shares of 89bio (NASDAQ:ETNB - Free Report) in a report published on Tuesday, MarketBeat reports. The brokerage issued an outperform rating on the stock.

Several other equities research analysts have also issued reports on ETNB. Cantor Fitzgerald reissued an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a research note on Saturday, February 1st. HC Wainwright reiterated a "buy" rating and issued a $29.00 target price on shares of 89bio in a research note on Tuesday, January 21st. UBS Group boosted their price target on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday, January 31st. Finally, Raymond James raised shares of 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $31.43.

89bio Trading Down 0.2 %

Shares of ETNB stock traded down $0.02 on Tuesday, reaching $11.41. 1,402,271 shares of the stock were exchanged, compared to its average volume of 3,248,995. The stock has a market cap of $1.21 billion, a P/E ratio of -3.92 and a beta of 1.17. 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 50 day moving average of $7.98 and a two-hundred day moving average of $8.26. 89bio has a 1-year low of $5.99 and a 1-year high of $16.63.

Insider Transactions at 89bio

In other news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the firm's stock in a transaction dated Thursday, January 30th. The stock was bought at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the transaction, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rohan Palekar purchased 10,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the acquisition, the chief executive officer now directly 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. Over the last quarter, insiders purchased 5,744,285 shares of company stock valued at $50,235,694. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 89bio

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in 89bio by 17.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 26,185 shares of the company's stock valued at $205,000 after acquiring an additional 3,820 shares during the period. Candriam S.C.A. lifted its holdings in shares of 89bio by 24.5% in the 4th quarter. Candriam S.C.A. now owns 1,055,661 shares of the company's stock worth $8,255,000 after purchasing an additional 207,582 shares during the last quarter. Raymond James Financial Inc. acquired a new position in 89bio during the 4th quarter valued at approximately $2,951,000. Arizona State Retirement System grew its stake in 89bio by 15.8% during the 4th quarter. Arizona State Retirement System now owns 23,817 shares of the company's stock worth $186,000 after buying an additional 3,252 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in 89bio by 11.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock worth $109,000 after buying an additional 1,437 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.