Brokerages Set 89bio, Inc. (NASDAQ:ETNB) PT at $30.33

89bio, Inc. (NASDAQ:ETNB) has been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $30.33.

Several brokerages have recently commented on ETNB. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd.

89bio Stock Down 5.4 %

NASDAQ ETNB opened at $7.40 on Wednesday. The stock’s 50 day simple moving average is $8.40 and its 200 day simple moving average is $8.29. 89bio has a one year low of $6.43 and a one year high of $16.63. The firm has a market cap of $785.33 million, a PE ratio of -2.54 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Insider Buying and Selling

In other 89bio news, CEO Rohan Palekar acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, the chief executive officer now directly owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This represents a 1.07 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles Mcwherter bought 10,000 shares of the stock in a transaction on 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 acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $80,000. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 25,000 shares of company stock worth $202,950 over the last three months. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 89bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC grew its position in shares of 89bio by 226.2% during the 2nd 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 period. Northwestern Mutual Wealth Management Co. bought a new position in 89bio during the 2nd quarter worth approximately $66,000. China Universal Asset Management Co. Ltd. grew its holdings in 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the period. Intech Investment Management LLC bought a new stake in 89bio in the third quarter valued at approximately $160,000. Finally, Algert Global LLC increased its stake 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 in the last quarter.

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.