89bio, Inc. (NASDAQ:ETNB) Director Purchases $49,999,993.75 in Stock

89bio, Inc. (NASDAQ:ETNB) Director Ra Capital Management, L.P. purchased 5,714,285 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was bought at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the purchase, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

89bio Stock Up 8.5 %

NASDAQ:ETNB opened at $11.66 on Thursday. The stock has a 50-day simple moving average of $7.89 and a 200 day simple moving average of $8.22. 89bio, Inc. has a 52-week low of $5.99 and a 52-week high of $16.63. The company has a market cap of $1.24 billion, a PE ratio of -4.01 and a beta of 1.17. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Wall Street Analyst Weigh In

ETNB has been the topic of a number of recent analyst reports. UBS Group raised their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research note on Saturday, February 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Thursday, January 2nd. Finally, Wolfe Research initiated coverage on shares of 89bio in a research report on Tuesday. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.43.

Hedge Funds Weigh In On 89bio

Several hedge funds have recently made changes to their positions in ETNB. Northwestern Mutual Wealth Management Co. bought a new stake in shares of 89bio in the second quarter worth $66,000. Kingswood Wealth Advisors LLC acquired a new stake in 89bio in the 4th quarter valued at $86,000. New York State Common Retirement Fund lifted its position in 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 buying an additional 3,200 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of 89bio by 76.2% during the 3rd 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 bought a new position in shares of 89bio in the 3rd quarter valued at about $160,000.

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.