89bio (NASDAQ:ETNB) Upgraded at Raymond James

Raymond James upgraded shares of 89bio (NASDAQ:ETNB) to a strong-buy rating in a report released on Thursday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. 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 equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 89bio has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Down 2.0 %

ETNB stock opened at $7.69 on Thursday. The firm has a 50-day moving average price of $8.42 and a 200-day moving average price of $8.36. 89bio has a 12 month low of $7.00 and a 12 month high of $16.63. 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 stock has a market capitalization of $816.11 million, a P/E ratio of -2.64 and a beta of 1.12.

Insider Buying and Selling at 89bio

In related news, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was 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. The trade was a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders acquired 25,000 shares of company stock worth $202,950. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 89bio

Several hedge funds and other institutional investors have recently bought and sold shares of ETNB. Janus Henderson Group PLC raised its position in shares of 89bio by 14.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after acquiring an additional 1,882,108 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after purchasing an additional 686,673 shares during the period. Geode Capital Management LLC increased its holdings in 89bio by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after purchasing an additional 160,356 shares in the last quarter. Candriam S.C.A. lifted its stake in 89bio by 173.6% in 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. Finally, Erste Asset Management GmbH bought a new position in shares of 89bio during the 3rd quarter worth approximately $5,631,000.

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.