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

Shares of 89bio, Inc. (NASDAQ:ETNB) have earned a consensus rating of “Moderate Buy” from the nine ratings firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $31.43.

Several analysts have issued reports on the company. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Wolfe Research assumed coverage on 89bio in a research report on Tuesday, February 4th. They issued an “outperform” rating on the stock. UBS Group upped 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research note on Wednesday. Finally, 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.

Insider Activity at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares of the company’s stock, valued at $1,764,196.17. This represents a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rohan Palekar purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. The trade was a 2.19 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 5,744,285 shares of company stock worth $50,235,694. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. increased its stake in shares of 89bio by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock worth $49,000 after purchasing an additional 4,236 shares during the period. Quarry LP acquired a new position in 89bio in the 4th quarter valued at $55,000. Kingswood Wealth Advisors LLC bought a new position in 89bio during the 4th quarter worth $86,000. Hsbc Holdings PLC acquired a new stake in shares of 89bio during the fourth quarter worth $87,000. Finally, Sandia Investment Management LP boosted its position in shares of 89bio by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after acquiring an additional 2,500 shares during the period.

89bio Stock Up 3.5 %

Shares of ETNB stock opened at $11.30 on Thursday. 89bio has a 12-month low of $5.99 and a 12-month high of $16.63. 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 fifty day moving average of $8.45 and a 200-day moving average of $8.38. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -3.88 and a beta of 1.17.

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.