89bio (NASDAQ:ETNB) Sees Unusually-High Trading Volume – What’s Next?

89bio, Inc. (NASDAQ:ETNB) shares saw an uptick in trading volume on Tuesday . 2,881,132 shares were traded during trading, an increase of 14% from the previous session’s volume of 2,534,830 shares.The stock last traded at $9.59 and had previously closed at $9.00.

Analysts Set New Price Targets

Several analysts have recently commented on ETNB shares. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, January 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research report on Saturday, January 18th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Down 1.1 %

The stock’s fifty day moving average is $7.76 and its two-hundred day moving average is $8.18. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a market cap of $945.09 million, a P/E ratio of -3.06 and a beta of 1.14.

Insider Activity

In other 89bio news, CEO Rohan Palekar bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the transaction, the chief executive officer now directly owns 471,236 shares in the company, valued at $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles Mcwherter purchased 10,000 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were acquired at an average price of $8.00 per share, with a total value of $80,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 30,000 shares of company stock worth $235,700. 2.80% of the stock is currently owned by insiders.

Institutional Trading of 89bio

Several institutional investors have recently added to or reduced their stakes in ETNB. American Century Companies Inc. boosted its holdings in shares of 89bio by 219.0% during the second quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock worth $512,000 after purchasing an additional 43,842 shares during the period. Renaissance Technologies LLC bought a new position in 89bio during the 2nd quarter valued at approximately $2,238,000. Squarepoint Ops LLC purchased a new position in 89bio during the second quarter valued at $327,000. The Manufacturers Life Insurance Company boosted its holdings in 89bio by 12.8% in the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after acquiring an additional 3,557 shares in the last quarter. Finally, Algert Global LLC grew its stake in shares of 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after acquiring an additional 7,203 shares during 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.