Weiss Ratings Reiterates Sell (D-) Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB)‘s stock had its “sell (d-)” rating restated by research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other equities research analysts also recently commented on the company. UBS Group boosted their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Tuesday, January 21st. Wolfe Research assumed coverage on 89bio in a research report on Tuesday, February 4th. They issued an “outperform” rating on the stock. Finally, Raymond James upgraded 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.43.

89bio Stock Performance

NASDAQ ETNB opened at $11.30 on Wednesday. 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 firm has a market cap of $1.20 billion, a price-to-earnings ratio of -3.88 and a beta of 1.17. 89bio has a twelve month low of $5.99 and a twelve month high of $16.63. The business has a 50-day moving average price of $8.45 and a 200-day moving average price of $8.38.

Insider Buying and Selling at 89bio

In other 89bio news, Director Ra Capital Management, L.P. purchased 5,714,285 shares of 89bio stock in a transaction dated Thursday, January 30th. The shares were purchased at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. This represents a 41.29 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Rohan Palekar purchased 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, the chief executive officer now owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 5,744,285 shares of company stock worth $50,235,694 over the last ninety days. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Several hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in shares of 89bio by 8.9% in the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company’s stock worth $129,177,000 after buying an additional 1,355,838 shares during the period. Suvretta Capital Management LLC grew its stake in 89bio by 27.7% in the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after purchasing an additional 2,211,052 shares in the last quarter. RTW Investments LP grew its stake in 89bio by 1.3% in the fourth quarter. RTW Investments LP now owns 7,478,061 shares of the company’s stock worth $58,478,000 after purchasing an additional 99,513 shares in the last quarter. Deep Track Capital LP grew its stake in 89bio by 134.2% in the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company’s stock worth $50,660,000 after purchasing an additional 3,711,737 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in 89bio by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company’s stock worth $44,514,000 after purchasing an additional 686,054 shares in the last quarter.

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.