89bio’s (ETNB) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of 89bio (NASDAQ:ETNB) in a research note released on Thursday,Benzinga reports. The brokerage currently has a $29.00 price target on the stock.

ETNB has been the topic of a number of other research reports. Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. HC Wainwright restated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 89bio has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Performance

ETNB opened at $7.96 on Thursday. 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 $844.76 million, a PE ratio of -2.74 and a beta of 1.12. The business has a fifty day simple moving average of $8.42 and a 200-day simple moving average of $8.30. 89bio has a fifty-two week low of $6.43 and a fifty-two week high of $16.63.

Insider Activity at 89bio

In related news, CEO Rohan Palekar purchased 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have acquired 25,000 shares of company stock valued at $202,950. 2.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC grew its holdings in 89bio by 14.2% during the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock valued at $112,140,000 after purchasing an additional 1,882,108 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in 89bio by 29.6% in 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 buying an additional 686,673 shares during the last quarter. Geode Capital Management LLC raised its holdings in 89bio by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after acquiring an additional 160,356 shares during the period. Candriam S.C.A. lifted its position in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after acquiring an additional 538,079 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new stake in 89bio during the third quarter valued at about $5,631,000.

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.