89bio (NASDAQ:ETNB) Stock Rating Upgraded by Raymond James

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

Other analysts have also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Down 2.0 %

Shares of NASDAQ:ETNB opened at $7.69 on Thursday. The firm has a market capitalization of $816.11 million, a P/E ratio of -2.64 and a beta of 1.12. The stock has a 50 day moving average price of $8.42 and a 200-day moving average price of $8.36. 89bio has a 52-week low of $7.00 and a 52-week high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Insider Transactions at 89bio

In related news, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $7.89 per share, with a total value of $39,450.00. Following the acquisition, the chief executive officer now directly owns 471,236 shares in the company, valued at $3,718,052.04. The trade was a 1.07 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Mcwherter bought 10,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were bought at an average price of $8.00 per share, with a total value of $80,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at approximately $80,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over 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.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC lifted its stake in shares of 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after buying an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of 89bio during the 2nd quarter valued at about $66,000. China Universal Asset Management Co. Ltd. grew its position 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 acquiring an additional 8,810 shares in the last quarter. Intech Investment Management LLC bought a new stake in 89bio during the third quarter worth approximately $160,000. Finally, SG Americas Securities LLC purchased a new stake in 89bio during the second quarter valued at approximately $203,000.

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.