UBS Group Issues Positive Forecast for 89bio (NASDAQ:ETNB) Stock Price

89bio (NASDAQ:ETNB) had its target price lifted by UBS Group from $25.00 to $38.00 in a report released on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other research analysts have also commented on ETNB. Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a report on Saturday, January 18th. Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of 89bio in a research note on Tuesday, January 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Two equities research 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.43.

89bio Price Performance

NASDAQ ETNB opened at $9.60 on Friday. The company has a 50-day moving average price of $7.84 and a two-hundred day moving average price of $8.20. 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 stock has a market cap of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14. 89bio has a 52 week low of $5.99 and a 52 week high of $16.63.

Insider Transactions at 89bio

In related news, CEO Rohan Palekar purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This trade represents a 2.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles Mcwherter acquired 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were bought at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the acquisition, the director now owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 30,000 shares of company stock valued at $235,700 in the last quarter. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On 89bio

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