89bio, Inc. (NASDAQ:ETNB) CEO Acquires $83,500.00 in Stock

89bio, Inc. (NASDAQ:ETNB) CEO Rohan Palekar bought 10,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were bought at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

89bio Trading Up 2.3 %

Shares of NASDAQ:ETNB opened at $8.96 on Tuesday. The firm has a fifty day moving average of $8.20 and a two-hundred day moving average of $8.38. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a 12-month low of $7.00 and a 12-month high of $16.63. The firm has a market capitalization of $950.92 million, a P/E ratio of -3.08 and a beta of 1.07.

Analysts Set New Price Targets

Several brokerages have commented on ETNB. Royal Bank of Canada decreased their target price on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Raymond James cut their target price on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Candriam S.C.A. lifted its holdings in shares of 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after buying an additional 538,079 shares during the last quarter. Vanguard Group Inc. grew its position in 89bio by 9.6% in the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after acquiring an additional 415,386 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of 89bio by 165.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock worth $1,687,000 after purchasing an additional 142,032 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of 89bio during the 2nd quarter valued at $2,238,000. Finally, Janus Henderson Group PLC lifted its stake in shares of 89bio by 41.4% in the 1st quarter. Janus Henderson Group PLC now owns 12,603,382 shares of the company’s stock valued at $146,646,000 after purchasing an additional 3,688,241 shares during the last quarter.

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.