Insider Buying: 89bio, Inc. (NASDAQ:ETNB) CEO Acquires 10,000 Shares of Stock

89bio, Inc. (NASDAQ:ETNB) CEO Rohan Palekar purchased 10,000 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the chief executive officer now owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

89bio Trading Up 2.7 %

NASDAQ ETNB opened at $9.14 on Thursday. 89bio, Inc. has a 52 week low of $7.00 and a 52 week high of $16.63. The company has a 50 day moving average price of $8.22 and a 200 day moving average price of $8.39. 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 $970.03 million, a PE ratio of -3.14 and a beta of 1.07.

Hedge Funds Weigh In On 89bio

Several institutional investors and hedge funds have recently bought and sold shares of ETNB. Quest Partners LLC lifted its holdings in shares of 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio during the 2nd quarter valued at about $66,000. China Universal Asset Management Co. Ltd. raised its stake in 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after buying an additional 8,810 shares during the last quarter. Intech Investment Management LLC acquired a new stake in 89bio in the third quarter worth about $160,000. Finally, SG Americas Securities LLC purchased a new stake in shares of 89bio during the second quarter worth about $203,000.

Analyst Ratings Changes

A number of equities analysts have commented on ETNB shares. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Royal Bank of Canada dropped their price objective on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James lowered their target price on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

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.