89bio (NASDAQ:ETNB) Sees Large Volume Increase – What’s Next?

89bio, Inc. (NASDAQ:ETNB) shares saw unusually-high trading volume on Friday . Approximately 1,705,503 shares traded hands during trading, an increase of 81% from the previous session’s volume of 943,383 shares.The stock last traded at $8.00 and had previously closed at $7.89.

Analysts Set New Price Targets

A number of research firms have weighed in on ETNB. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a report on Friday, September 20th. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James cut their price objective 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. Two investment 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Up 1.3 %

The firm has a market cap of $847.95 million, a P/E ratio of -2.71 and a beta of 1.12. The firm’s 50-day moving average price is $8.34 and its 200 day moving average price is $8.38. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Insiders Place Their Bets

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of 89bio stock in a transaction dated Friday, November 22nd. The shares were bought at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Institutional Trading of 89bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC increased its stake in shares of 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of 89bio in the 2nd quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. increased its holdings 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 buying an additional 8,810 shares during the last quarter. Intech Investment Management LLC bought a new position in 89bio during the third quarter valued at approximately $160,000. Finally, SG Americas Securities LLC acquired a new stake in 89bio in the second quarter valued at approximately $203,000.

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.