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

Cantor Fitzgerald reissued their overweight rating on shares of 89bio (NASDAQ:ETNB) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $29.00 price target on the stock.

ETNB has been the subject of several other reports. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two investment 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Trading Up 2.0 %

ETNB opened at $7.98 on Thursday. 89bio has a 52 week low of $6.43 and a 52 week high of $16.63. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $8.41 and a 200-day simple moving average of $8.31. The firm has a market cap of $846.89 million, a P/E ratio of -2.74 and a beta of 1.12.

Insider Buying and Selling at 89bio

In other news, CEO Rohan Palekar acquired 10,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was acquired at an average cost of $8.35 per share, with a total value of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares in the company, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have purchased 25,000 shares of company stock valued at $202,950 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC boosted 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 acquiring an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio in the second quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. increased its stake 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 last quarter. Intech Investment Management LLC purchased a new position in 89bio in the third quarter valued at approximately $160,000. Finally, SG Americas Securities LLC raised its holdings in 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 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.