89bio (NASDAQ:ETNB) Raised to Strong-Buy at Raymond James

89bio (NASDAQ:ETNB) was upgraded by Raymond James to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other research firms have also commented on ETNB. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Two research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Trading Down 2.0 %

89bio stock opened at $7.69 on Thursday. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a market cap of $816.11 million, a PE ratio of -2.64 and a beta of 1.12. The stock’s 50 day simple moving average is $8.42 and its two-hundred day simple moving average is $8.36. 89bio has a 12 month low of $7.00 and a 12 month high of $16.63.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar acquired 10,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the acquisition, the chief executive officer now owns 466,236 shares in the company, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have bought 25,000 shares of company stock worth $202,950. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Institutional investors have recently bought and sold shares of the company. Exome Asset Management LLC acquired a new position in 89bio in the third quarter valued at about $2,224,000. Barclays PLC raised its stake in shares of 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock valued at $1,590,000 after acquiring an additional 149,479 shares during the period. Geode Capital Management LLC lifted its holdings in shares of 89bio by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after acquiring an additional 160,356 shares during the last quarter. Sphera Funds Management LTD. boosted its position in shares of 89bio by 1.9% during the 3rd quarter. Sphera Funds Management LTD. now owns 536,547 shares of the company’s stock worth $3,970,000 after purchasing an additional 10,000 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in 89bio by 186.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 130,894 shares of the company’s stock valued at $969,000 after purchasing an additional 85,230 shares during the last quarter.

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.