Rohan Palekar Purchases 10,000 Shares of 89bio, Inc. (NASDAQ:ETNB) Stock

89bio, Inc. (NASDAQ:ETNB) CEO Rohan Palekar bought 10,000 shares of the stock in a transaction dated 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 acquisition, the chief executive officer now owns 466,236 shares in the company, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

89bio Stock Performance

NASDAQ ETNB opened at $8.76 on Monday. The business has a 50 day moving average price of $8.18 and a 200 day moving average price of $8.38. The company has a market capitalization of $929.70 million, a P/E ratio of -3.01 and a beta of 1.07. 89bio, Inc. has a 1-year low of $7.00 and a 1-year high of $16.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ETNB. Barclays PLC grew its stake in 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock valued at $1,590,000 after acquiring an additional 149,479 shares during 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 purchasing an additional 160,356 shares in the last quarter. Sphera Funds Management LTD. grew its position in shares of 89bio by 1.9% in the third quarter. Sphera Funds Management LTD. now owns 536,547 shares of the company’s stock valued at $3,970,000 after purchasing an additional 10,000 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of 89bio by 186.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 130,894 shares of the company’s stock worth $969,000 after purchasing an additional 85,230 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of 89bio by 14.2% during the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after purchasing an additional 1,882,108 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ETNB. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Raymond James reduced their price objective on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Finally, Royal Bank of Canada dropped their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

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.