89bio, Inc. (NASDAQ:ETNB) Director Acquires $49,999,993.75 in Stock

89bio, Inc. (NASDAQ:ETNB) Director Ra Capital Management, L.P. purchased 5,714,285 shares of 89bio stock in a transaction dated Thursday, January 30th. The stock was bought at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the transaction, the director now directly owns 19,554,319 shares in the company, valued at $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

89bio Stock Performance

ETNB stock opened at $10.75 on Wednesday. The business’s 50-day moving average price is $7.85 and its two-hundred day moving average price is $8.20. 89bio, Inc. has a 1-year low of $5.99 and a 1-year high of $16.63. The firm has a market cap of $1.14 billion, a PE ratio of -3.69 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

Institutional Trading of 89bio

Several hedge funds and other institutional investors have recently modified their holdings of ETNB. Squarepoint Ops LLC acquired a new stake in shares of 89bio in the 2nd quarter valued at about $327,000. The Manufacturers Life Insurance Company raised its stake in shares of 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after purchasing an additional 3,557 shares during the period. Algert Global LLC raised its stake in shares of 89bio by 30.8% in the 2nd 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 period. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio in the 2nd quarter valued at about $66,000. Finally, SG Americas Securities LLC raised its stake in shares of 89bio by 21.4% in the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after purchasing an additional 5,421 shares during the period.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETNB. Wolfe Research began coverage on 89bio in a research report on Tuesday. They issued an “outperform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research report on Thursday, January 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a research report on Saturday. HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research report on Tuesday, January 21st. Finally, UBS Group lifted their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.43.

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.