89bio’s (ETNB) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of 89bio (NASDAQ:ETNB) in a research note published on Thursday,Benzinga reports. Cantor Fitzgerald currently has a $29.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research note on Monday, November 11th. Raymond James upgraded 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, 89bio has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

NASDAQ:ETNB opened at $7.96 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio has a one year low of $6.43 and a one year high of $16.63. The company has a fifty day moving average price of $8.42 and a 200 day moving average price of $8.30. The stock has a market cap of $844.76 million, a P/E ratio of -2.74 and a beta of 1.12.

Insider Buying and Selling at 89bio

In related news, Director Charles Mcwherter purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average cost of $8.00 per share, with a total value of $80,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $80,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rohan Palekar acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $7.89 per share, with a total value of $39,450.00. Following the transaction, the chief executive officer now directly owns 471,236 shares in the company, valued at $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 25,000 shares of company stock worth $202,950 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

Several hedge funds and other institutional investors have recently made changes to their positions in ETNB. Raymond James & Associates lifted its stake in shares of 89bio by 35.2% during the second quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock valued at $1,465,000 after acquiring an additional 47,670 shares during the period. Bank of New York Mellon Corp lifted its position in 89bio by 20.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock valued at $2,401,000 after purchasing an additional 50,943 shares during the period. Rhumbline Advisers boosted its stake in shares of 89bio by 26.9% in the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock valued at $1,033,000 after purchasing an additional 27,334 shares during the last quarter. Candriam S.C.A. grew its position in shares of 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 buying an additional 538,079 shares during the period. Finally, Quest Partners LLC raised its stake in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after buying an additional 5,626 shares during 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.