89bio (NASDAQ:ETNB) Earns “Overweight” Rating from Cantor Fitzgerald

89bio (NASDAQ:ETNB)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They currently have a $29.00 target price on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 264.32% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Trading Down 0.3 %

NASDAQ:ETNB opened at $7.96 on Thursday. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $8.31. The stock has a market capitalization of $844.76 million, a price-to-earnings ratio of -2.74 and a beta of 1.12. 89bio has a 12 month low of $6.43 and a 12 month high of $16.63.

Insider Activity at 89bio

In related news, CEO Rohan Palekar bought 5,000 shares of 89bio stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $7.89 per share, with a total value of $39,450.00. Following the acquisition, the chief executive officer now directly owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This represents a 1.07 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Mcwherter bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were purchased at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $80,000. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 25,000 shares of company stock worth $202,950. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates lifted its holdings in shares of 89bio by 35.2% during the 2nd quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock worth $1,465,000 after acquiring an additional 47,670 shares during the last quarter. Bank of New York Mellon Corp boosted 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 buying an additional 50,943 shares during the period. Rhumbline Advisers grew its holdings in 89bio by 26.9% in the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock worth $1,033,000 after acquiring an additional 27,334 shares during the last quarter. Candriam S.C.A. increased its holdings in 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares during the period. Finally, Quest Partners LLC increased 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 valued at $65,000 after buying an additional 5,626 shares during the period.

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.