89bio (NASDAQ:ETNB) Given “Sell (D-)” Rating at Weiss Ratings

89bio (NASDAQ:ETNB)‘s stock had its “sell (d-)” rating reaffirmed by equities research analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Several other equities analysts have also recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Tuesday, January 21st. UBS Group lifted their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Wolfe Research initiated coverage on 89bio in a report on Tuesday, February 4th. They set an “outperform” rating for the company. Finally, Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.43.

89bio Stock Performance

NASDAQ ETNB opened at $10.96 on Wednesday. The company has a fifty day simple moving average of $8.51 and a 200 day simple moving average of $8.39. 89bio has a 12-month low of $5.99 and a 12-month high of $16.63. 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 company has a market cap of $1.16 billion, a P/E ratio of -3.77 and a beta of 1.17.

Insider Buying and Selling at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the transaction, the insider now owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were acquired at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the acquisition, the director now directly owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. This represents a 41.29 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 5,734,285 shares of company stock valued at $50,152,194 in the last quarter. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of 89bio

A number of hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in 89bio by 26.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 178,691 shares of the company’s stock worth $1,397,000 after buying an additional 37,693 shares during the last quarter. Woodline Partners LP lifted its position in 89bio by 640.1% in the 4th quarter. Woodline Partners LP now owns 394,826 shares of the company’s stock worth $3,088,000 after buying an additional 341,479 shares during the last quarter. Stempoint Capital LP bought a new stake in 89bio in the 4th quarter worth approximately $4,268,000. Suvretta Capital Management LLC lifted its position in 89bio by 27.7% in the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after buying an additional 2,211,052 shares during the last quarter. Finally, Sandia Investment Management LP lifted its position in 89bio by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after buying an additional 2,500 shares during the last quarter.

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.