89bio (NASDAQ:ETNB) Receives Sell (D-) Rating from Weiss Ratings

Weiss Ratings reiterated their sell (d-) rating on shares of 89bio (NASDAQ:ETNB) in a research note published on Wednesday,Weiss Ratings reports.

ETNB has been the topic of a number of other research reports. Wolfe Research began coverage on 89bio in a report on Tuesday, February 4th. They issued an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Tuesday, January 21st. UBS Group raised their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, 89bio currently has an average rating of “Moderate Buy” and a consensus target price of $31.43.

89bio Stock Performance

NASDAQ ETNB opened at $11.08 on Wednesday. The firm has a market cap of $1.18 billion, a P/E ratio of -3.81 and a beta of 1.17. 89bio has a 52-week low of $5.99 and a 52-week high of $16.63. The business’s 50-day moving average price is $8.58 and its 200 day moving average price is $8.41. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling

In other news, Director Charles Mcwherter purchased 10,000 shares of the company’s stock in a transaction dated Thursday, December 5th. The stock was acquired at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at $80,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were purchased at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the purchase, the director now directly owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 5,734,285 shares of company stock valued at $50,152,194. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. increased its stake in shares of 89bio by 76.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in 89bio by 165.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after buying an additional 142,032 shares during the last quarter. Quest Partners LLC increased its position in 89bio by 172.1% during the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after buying an additional 13,961 shares in the last quarter. Intech Investment Management LLC purchased a new position in 89bio during the third quarter worth $160,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 89bio by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock worth $5,336,000 after acquiring an additional 53,932 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.