89bio, Inc. (NASDAQ:ETNB) Receives Average Recommendation of “Moderate Buy” from Analysts

89bio, Inc. (NASDAQ:ETNB) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $30.33.

Several research firms have issued reports on ETNB. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price target on shares of 89bio in a report on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Finally, Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th.

89bio Stock Performance

Shares of ETNB opened at $7.96 on Wednesday. 89bio has a 12-month low of $6.43 and a 12-month high of $16.63. The stock has a market capitalization of $844.76 million, a P/E ratio of -2.74 and a beta of 1.12. The firm’s 50 day moving average is $8.42 and its 200-day moving average is $8.30. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Insider Buying and Selling at 89bio

In related news, CEO Rohan Palekar purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the acquisition, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This trade represents a 2.19 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 25,000 shares of company stock valued at $202,950 in the last three months. 2.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its position in 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of 89bio in the 2nd quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. grew its stake in shares of 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after buying an additional 8,810 shares in the last quarter. Intech Investment Management LLC acquired a new position in 89bio in the third quarter worth approximately $160,000. Finally, SG Americas Securities LLC raised its position in 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after acquiring an additional 5,421 shares in the last quarter.

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.