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

89bio, Inc. (NASDAQ:ETNB) CEO Rohan Palekar bought 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $8.35 per share, with a total value of $83,500.00. Following the acquisition, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

89bio Price Performance

Shares of NASDAQ ETNB opened at $8.90 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company has a market cap of $944.56 million, a price-to-earnings ratio of -3.06 and a beta of 1.07. The stock’s 50-day moving average is $8.21 and its two-hundred day moving average is $8.38. 89bio, Inc. has a 1-year low of $7.00 and a 1-year high of $16.63.

Institutional Trading of 89bio

Several hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC grew its holdings in 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. purchased a new stake in shares of 89bio during the 2nd quarter worth $66,000. China Universal Asset Management Co. Ltd. grew its stake in shares of 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares in the last quarter. Intech Investment Management LLC purchased a new position in 89bio in the third quarter valued at $160,000. Finally, SG Americas Securities LLC purchased a new position in 89bio in the second quarter valued at $203,000.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Raymond James lowered their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. 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. Finally, Royal Bank of Canada reduced 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 report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

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.