Insider Buying: 89bio, Inc. (NASDAQ:ETNB) CEO Acquires $83,500.00 in Stock

89bio, Inc. (NASDAQ:ETNB) CEO Rohan Palekar bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price 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 of the company’s stock, valued at $3,893,070.60. The trade was a 2.19 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

89bio Price Performance

NASDAQ:ETNB opened at $9.14 on Thursday. The firm has a market capitalization of $970.03 million, a price-to-earnings ratio of -3.14 and a beta of 1.07. 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 business has a 50 day simple moving average of $8.22 and a 200-day simple moving average of $8.39. 89bio, Inc. has a 1 year low of $7.00 and a 1 year high of $16.63.

Institutional Trading of 89bio

A number of institutional investors have recently bought and sold shares of ETNB. Quest Partners LLC raised its stake in shares of 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after acquiring an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in 89bio in the 2nd quarter worth about $66,000. China Universal Asset Management Co. Ltd. lifted 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 worth $151,000 after purchasing an additional 8,810 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of 89bio during the third quarter valued at approximately $160,000. Finally, SG Americas Securities LLC bought a new position in shares of 89bio during the second quarter valued at approximately $203,000.

Analyst Upgrades and Downgrades

Several analysts have commented on ETNB shares. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research note on Monday, November 11th. Royal Bank of Canada decreased their target price on 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. Raymond James cut their price target on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price objective on shares of 89bio in a report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, 89bio currently has an average 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.