89bio (NASDAQ:ETNB) Stock Rating Upgraded by Raymond James

89bio (NASDAQ:ETNB) was upgraded by Raymond James to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts have also weighed in on ETNB. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

Shares of ETNB stock opened at $7.69 on Thursday. The stock has a 50 day moving average price of $8.42 and a 200 day moving average price of $8.36. 89bio has a 52-week low of $7.00 and a 52-week high of $16.63. 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 firm has a market capitalization of $816.11 million, a P/E ratio of -2.64 and a beta of 1.12.

Insider Transactions at 89bio

In other 89bio news, Director Charles Mcwherter purchased 10,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was bought at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $80,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rohan Palekar acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $7.89 per share, with a total value of $39,450.00. Following the completion of 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. In the last three months, insiders purchased 25,000 shares of company stock valued at $202,950. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

A number of large investors have recently made changes to their positions in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 89bio by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock worth $1,043,000 after buying an additional 1,624 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of 89bio by 12.8% in the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after acquiring an additional 3,557 shares during the period. SG Americas Securities LLC raised its holdings in shares of 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after purchasing an additional 5,421 shares during the last quarter. Quest Partners LLC lifted its position in 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the period. Finally, Algert Global LLC boosted its holdings in 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock valued at $245,000 after purchasing an additional 7,203 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.