Insider Buying: 89bio, Inc. (NASDAQ:ETNB) CEO Purchases 10,000 Shares of 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 acquired at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the purchase, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

89bio Price Performance

NASDAQ:ETNB opened at $8.76 on Monday. 89bio, Inc. has a 52 week low of $7.00 and a 52 week high of $16.63. The stock’s fifty day moving average is $8.18 and its two-hundred day moving average is $8.38. The company has a market capitalization of $929.70 million, a P/E ratio of -3.01 and a beta of 1.07. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

Analyst Ratings Changes

Several equities analysts recently weighed in on ETNB shares. Raymond James cut their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Friday, September 20th. Royal Bank of Canada cut their price target 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. Finally, HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, 89bio presently has an average rating of “Moderate Buy” and an average target price of $30.33.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its holdings in shares of 89bio by 14.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after acquiring an additional 1,882,108 shares during the last quarter. RA Capital Management L.P. lifted its stake in 89bio by 11.8% during the first quarter. RA Capital Management L.P. now owns 12,766,948 shares of the company’s stock worth $148,607,000 after purchasing an additional 1,350,000 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 89bio by 9.6% during the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company’s stock worth $54,975,000 after buying an additional 415,386 shares during the period. Westfield Capital Management Co. LP raised its holdings in shares of 89bio by 29.6% in the 3rd 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. Finally, Geode Capital Management LLC lifted its stake in 89bio by 8.4% during 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 in 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.