Brokerages Set 89bio, Inc. (NASDAQ:ETNB) PT at $30.33

89bio, Inc. (NASDAQ:ETNB) has been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research 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 company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $30.33.

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday. Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Monday, November 11th.

Insider Activity at 89bio

In related news, CEO Rohan Palekar purchased 10,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the acquisition, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This trade represents a 2.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 25,000 shares of company stock worth $202,950 over the last three months. 2.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its position in shares of 89bio by 14.2% during the 3rd 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. Erste Asset Management GmbH acquired a new position in 89bio during the third quarter worth $5,631,000. Westfield Capital Management Co. LP boosted its position 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 in the last quarter. Candriam S.C.A. boosted 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 worth $6,793,000 after purchasing an additional 538,079 shares in the last quarter. Finally, Walleye Capital LLC increased its position in shares of 89bio by 1,232.2% in the third quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock valued at $3,221,000 after buying an additional 402,624 shares in the last quarter.

89bio Trading Down 0.3 %

Shares of 89bio stock opened at $7.96 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The company has a market capitalization of $844.76 million, a P/E ratio of -2.74 and a beta of 1.12. 89bio has a 1 year low of $6.43 and a 1 year high of $16.63. The company’s fifty day moving average is $8.41 and its two-hundred day moving average is $8.31.

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.