89bio (NASDAQ:ETNB) Stock Price Up 5.7% – Here’s Why

89bio, Inc. (NASDAQ:ETNB)’s share price was up 5.7% on Monday . The company traded as high as $9.58 and last traded at $9.50. Approximately 101,572 shares were traded during trading, a decline of 89% from the average daily volume of 941,882 shares. The stock had previously closed at $8.99.

Analyst Ratings Changes

A number of brokerages recently commented on ETNB. Royal Bank of Canada decreased their target price on 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 reduced their price objective on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, 89bio currently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Stock Up 7.7 %

The company has a market cap of $1.03 billion, a P/E ratio of -3.30 and a beta of 1.07. 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 business’s 50 day moving average is $8.26 and its 200 day moving average is $8.38.

Insider Buying and Selling

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The stock was bought at an average cost of $8.35 per share, with a total value of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its holdings in 89bio by 14.2% in the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock valued at $112,140,000 after acquiring an additional 1,882,108 shares during the period. Vanguard Group Inc. increased its holdings in shares of 89bio by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock valued at $54,975,000 after purchasing an additional 415,386 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of 89bio by 29.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after purchasing an additional 686,673 shares during the period. Geode Capital Management LLC boosted its holdings in 89bio by 8.4% during the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after buying an additional 160,356 shares in the last quarter. Finally, Candriam S.C.A. grew its position in 89bio by 173.6% during the second 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 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.