89bio (NASDAQ:ETNB) Coverage Initiated at Wolfe Research

Equities research analysts at Wolfe Research started coverage on shares of 89bio (NASDAQ:ETNB) in a report released on Tuesday,Briefing.com Automated Import reports. The firm set an “outperform” rating on the stock.

A number of other equities research analysts have also issued reports on the company. UBS Group upped their target price on 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research note on Friday. Raymond James upgraded 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a report on Saturday. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.43.

89bio Stock Performance

Shares of ETNB stock opened at $9.29 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock has a market cap of $985.95 million, a PE ratio of -3.19 and a beta of 1.17. 89bio has a 1 year low of $5.99 and a 1 year high of $16.63. The stock has a fifty day moving average price of $7.84 and a 200 day moving average price of $8.19.

Insider Buying and Selling at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the sale, the insider now directly owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction on Friday, November 22nd. The shares were acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 5,744,285 shares of company stock valued at $50,235,694 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in shares of 89bio by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock worth $736,000 after purchasing an additional 43,384 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of 89bio during the fourth quarter valued at approximately $1,897,000. Barclays PLC raised its stake in shares of 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock worth $1,590,000 after buying an additional 149,479 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 89bio by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after buying an additional 160,356 shares during the period. Finally, FMR LLC raised its position in 89bio by 2,153.2% in the third quarter. FMR LLC now owns 73,386 shares of the company’s stock worth $543,000 after acquiring an additional 70,129 shares in the last quarter.

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.