89bio, Inc. (NASDAQ:ETNB) Director Ra Capital Management, L.P. Acquires 5,714,285 Shares

89bio, Inc. (NASDAQ:ETNB) Director Ra Capital Management, L.P. bought 5,714,285 shares of the stock in a transaction dated Thursday, January 30th. The shares were purchased at an average price of $8.75 per share, with a total value 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 approximately $171,100,291.25. The trade was a 41.29 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

89bio Stock Performance

ETNB stock opened at $9.29 on Tuesday. 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’s fifty day simple moving average is $7.84 and its two-hundred day simple moving average is $8.19. 89bio, Inc. has a twelve month low of $5.99 and a twelve month high of $16.63. The firm has a market cap of $985.91 million, a price-to-earnings ratio of -3.19 and a beta of 1.14.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ETNB shares. Raymond James upgraded 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. 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. UBS Group raised their price target on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday. Finally, 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. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, 89bio currently has an average rating of “Moderate Buy” and an average price target of $31.43.

Institutional Trading of 89bio

A number of hedge funds and other institutional investors have recently bought and sold shares of ETNB. Squarepoint Ops LLC purchased a new stake in 89bio in the second quarter worth $327,000. The Manufacturers Life Insurance Company increased its stake in shares of 89bio by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after buying an additional 3,557 shares during the period. Algert Global LLC increased its stake in shares of 89bio by 30.8% during the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock valued at $245,000 after buying an additional 7,203 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of 89bio during the second quarter valued at $66,000. Finally, SG Americas Securities LLC increased its stake in shares of 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after buying an additional 5,421 shares during the period.

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.