89bio (NASDAQ:ETNB) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of 89bio (NASDAQ:ETNB) in a report released on Thursday morning,Benzinga reports. The firm currently has a $29.00 price objective on the stock.

Other equities research analysts have also issued reports about the stock. HC Wainwright reissued a “buy” rating and set a $29.00 target price on shares of 89bio in a research note on Monday, November 11th. Raymond James upgraded 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Stock Performance

ETNB opened at $7.98 on Thursday. The stock has a market cap of $846.89 million, a P/E ratio of -2.74 and a beta of 1.12. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a fifty day moving average price of $8.41 and a 200 day moving average price of $8.31. 89bio has a 1 year low of $6.43 and a 1 year high of $16.63.

Insiders Place Their Bets

In other news, Director Charles Mcwherter acquired 10,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were bought at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Rohan Palekar bought 5,000 shares of the stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the purchase, the chief executive officer now owns 471,236 shares in the company, valued at $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 25,000 shares of company stock worth $202,950. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

A number of hedge funds have recently bought and sold shares of the business. Quest Partners LLC increased its stake in shares of 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio during the second quarter worth about $66,000. China Universal Asset Management Co. Ltd. boosted its holdings in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of 89bio in the 3rd quarter valued at approximately $160,000. Finally, SG Americas Securities LLC increased its holdings in shares of 89bio by 21.4% during the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after buying an additional 5,421 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.