89bio (NASDAQ:ETNB) Price Target Raised to $38.00

89bio (NASDAQ:ETNB) had its price target increased by UBS Group from $25.00 to $38.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a report on Saturday, January 18th. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of 89bio in a report on Tuesday, January 21st. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.43.

89bio Price Performance

ETNB opened at $9.60 on Friday. 89bio has a 12-month low of $5.99 and a 12-month high of $16.63. The stock’s 50-day moving average price is $7.84 and its 200 day moving average price is $8.20. 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 firm has a market cap of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14.

Insider Transactions at 89bio

In related news, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the purchase, the chief executive officer now directly owns 466,236 shares in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the firm’s stock in a transaction that occurred on 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 $1,764,196.17. The trade was a 3.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 30,000 shares of company stock valued at $235,700. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Several hedge funds and other institutional investors have recently bought and sold shares of ETNB. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio during the second quarter worth $66,000. Kingswood Wealth Advisors LLC bought a new position in 89bio during the fourth quarter valued at approximately $86,000. New York State Common Retirement Fund boosted its stake in shares of 89bio by 24.3% during the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock worth $128,000 after acquiring an additional 3,200 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after buying an additional 8,810 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of 89bio during the 3rd quarter worth about $160,000.

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.