Wolfe Research Initiates Coverage on 89bio (NASDAQ:ETNB)

Analysts at Wolfe Research initiated coverage on shares of 89bio (NASDAQ:ETNB) in a report issued on Tuesday,Briefing.com Automated Import reports. The firm set an “outperform” rating on the stock.

ETNB has been the topic of a number of other research reports. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research report on Saturday. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. 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, HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.43.

89bio Price Performance

ETNB stock opened at $9.29 on Tuesday. 89bio has a 52-week low of $5.99 and a 52-week high of $16.63. The business has a fifty day moving average of $7.84 and a two-hundred day moving average of $8.19. The stock has a market cap of $985.95 million, a price-to-earnings ratio of -3.19 and a beta of 1.17. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling at 89bio

In other 89bio news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. The trade was a 41.29 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Rohan Palekar bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares of the company’s stock, valued at $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 5,744,285 shares of company stock valued at $50,235,694 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Several hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its holdings in shares of 89bio by 14.2% in the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock valued at $112,140,000 after acquiring an additional 1,882,108 shares during the period. Erste Asset Management GmbH acquired a new position in 89bio in the 3rd quarter valued at $5,631,000. Westfield Capital Management Co. LP raised its holdings in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after purchasing an additional 686,673 shares in the last quarter. Walleye Capital LLC lifted its holdings in shares of 89bio by 1,232.2% in the 3rd quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock valued at $3,221,000 after buying an additional 402,624 shares during the period. Finally, Exome Asset Management LLC acquired a new stake in shares of 89bio in the 3rd quarter valued at approximately $2,224,000.

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.