89bio (NASDAQ:ETNB) Sees Unusually-High Trading Volume – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB) shares saw unusually-high trading volume on Tuesday . Approximately 2,881,132 shares traded hands during mid-day trading, an increase of 14% from the previous session’s volume of 2,534,830 shares.The stock last traded at $9.59 and had previously closed at $9.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ETNB shares. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Tuesday, January 21st. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research report on Saturday, January 18th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Performance

The business has a fifty day simple moving average of $7.80 and a 200-day simple moving average of $8.19. The firm has a market cap of $1.02 billion, a P/E ratio of -3.31 and a beta of 1.14. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Insider Transactions at 89bio

In other news, CEO Rohan Palekar acquired 10,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were acquired at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. The trade was a 2.19 % 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 purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 30,000 shares of company stock worth $235,700 over the last quarter. 2.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio in the second quarter valued at $66,000. Kingswood Wealth Advisors LLC acquired a new stake in 89bio during the fourth quarter worth about $86,000. China Universal Asset Management Co. Ltd. raised its position in 89bio by 76.2% in 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 acquired a new position in shares of 89bio in the 3rd quarter worth approximately $160,000. Finally, Quest Partners LLC boosted its position in shares of 89bio by 172.1% during the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after buying an additional 13,961 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.