89bio, Inc. (NASDAQ:ETNB – Get Free Report) saw unusually large options trading on Monday. Stock investors bought 2,228 call options on the stock. This represents an increase of 346% compared to the average daily volume of 499 call options.
89bio Stock Up 26.2 %
ETNB stock opened at $9.00 on Tuesday. 89bio has a 52 week low of $5.99 and a 52 week high of $16.63. The business has a 50-day simple moving average of $7.74 and a 200 day simple moving average of $8.18. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The company has a market cap of $954.75 million, a PE ratio of -3.09 and a beta of 1.14.
Analyst Ratings Changes
Several research firms recently issued reports on ETNB. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Tuesday, January 21st. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a report on Saturday, January 18th. Two investment 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.33.
Insider Transactions at 89bio
In other news, insider Quoc Le-Nguyen sold 10,963 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the sale, the insider now owns 271,833 shares in the company, valued at approximately $1,764,196.17. This trade represents a 3.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Rohan Palekar purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. The trade was a 2.19 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 30,000 shares of company stock worth $235,700. 2.80% of the stock is owned by company insiders.
Hedge Funds Weigh In On 89bio
Several hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio during the 2nd quarter worth approximately $66,000. Kingswood Wealth Advisors LLC bought a new stake in 89bio during the fourth quarter worth $86,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of 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 in the last quarter. Intech Investment Management LLC bought a new position in shares of 89bio in the 3rd quarter valued at $160,000. Finally, Quest Partners LLC raised its holdings in shares of 89bio by 172.1% during the 3rd 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.
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.
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