Rohan Palekar Acquires 10,000 Shares of 89bio, Inc. (NASDAQ:ETNB) Stock

89bio, Inc. (NASDAQ:ETNB) CEO Rohan Palekar purchased 10,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 466,236 shares in the company, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

89bio Stock Down 0.7 %

ETNB opened at $8.90 on Wednesday. The company has a fifty day moving average of $8.21 and a two-hundred day moving average of $8.38. The stock has a market capitalization of $944.56 million, a price-to-earnings ratio of -3.06 and a beta of 1.07. 89bio, Inc. has a fifty-two week low of $7.00 and a fifty-two week high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Hedge Funds Weigh In On 89bio

A number of large investors have recently bought and sold shares of ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 89bio by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock valued at $1,043,000 after buying an additional 1,624 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in 89bio by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after acquiring an additional 3,557 shares during the period. ProShare Advisors LLC lifted its holdings in 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock valued at $241,000 after purchasing an additional 5,319 shares in the last quarter. SG Americas Securities LLC grew its position in shares of 89bio by 21.4% in the third 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. 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 worth $65,000 after purchasing an additional 5,626 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Royal Bank of Canada cut their price target on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a research note on Monday, November 11th. Finally, Raymond James dropped their price objective on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Two investment 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

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.