89bio, Inc. (NASDAQ:ETNB) Given Average Rating of “Moderate Buy” by Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $31.43.

A number of equities research analysts recently issued reports on the stock. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Wednesday, February 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Wolfe Research began coverage on 89bio in a research report on Tuesday, February 4th. They set an “outperform” rating for the company. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st.

89bio Stock Down 8.4 %

ETNB opened at $10.13 on Thursday. 89bio has a 12 month low of $5.99 and a 12 month high of $16.63. The business has a 50-day moving average of $8.62 and a two-hundred day moving average of $8.44. 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 stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -3.48 and a beta of 1.17.

Insider Activity

In other news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was purchased at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the completion of the acquisition, the director now directly owns 19,554,319 shares in the company, valued at $171,100,291.25. This represents a 41.29 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Rohan Palekar bought 5,000 shares of 89bio stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares in the company, valued at $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 5,734,285 shares of company stock worth $50,152,194. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 89bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 89bio by 2.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company’s stock valued at $400,000 after purchasing an additional 1,169 shares during the period. Victory Capital Management Inc. lifted its stake in 89bio by 11.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company’s stock valued at $109,000 after buying an additional 1,437 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 89bio by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock valued at $1,043,000 after acquiring an additional 1,624 shares during the period. Sandia Investment Management LP grew its position in shares of 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after acquiring an additional 2,500 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in shares of 89bio by 24.3% in 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 during the period.

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.