UBS Group Boosts 89bio (NASDAQ:ETNB) Price Target to $38.00

89bio (NASDAQ:ETNB) had its target price lifted by UBS Group from $25.00 to $38.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 295.83% from the stock’s current price.

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

89bio Trading Down 0.4 %

Shares of 89bio stock traded down $0.04 on Friday, hitting $9.60. The stock had a trading volume of 1,679,331 shares, compared to its average volume of 3,245,288. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a one year low of $5.99 and a one year high of $16.63. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14. The stock’s 50-day simple moving average is $7.83 and its two-hundred day simple moving average is $8.20.

Insider Activity

In related news, Director Charles Mcwherter purchased 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average price of $6.55 per share, with a total value of $32,750.00. Following the transaction, the director now directly owns 15,000 shares in the company, valued at $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rohan Palekar purchased 10,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was bought at an average cost of $8.35 per share, with a total value of $83,500.00. Following the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 30,000 shares of company stock worth $235,700. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Several large investors have recently modified their holdings of ETNB. Janus Henderson Group PLC raised its position in 89bio by 14.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after buying an additional 1,882,108 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of 89bio by 29.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after purchasing an additional 686,673 shares during the last quarter. Geode Capital Management LLC increased its position in shares of 89bio by 8.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after purchasing an additional 160,356 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of 89bio during the 3rd quarter valued at about $5,631,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 89bio by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock valued at $5,336,000 after purchasing an additional 53,932 shares during 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.