HC Wainwright Reiterates Buy Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $29.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 359.59% from the stock’s current price.

Several other research analysts have also recently commented on the stock. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Saturday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Performance

Shares of 89bio stock opened at $6.31 on Tuesday. The business has a 50-day simple moving average of $7.89 and a 200-day simple moving average of $8.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio has a one year low of $5.99 and a one year high of $16.63. The company has a market cap of $669.68 million, a PE ratio of -2.17 and a beta of 1.14.

Insider Activity at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now owns 271,833 shares of the company’s stock, valued at $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Rohan Palekar acquired 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $8.35 per share, with a total value of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares of the company’s stock, valued at $3,893,070.60. The trade was a 2.19 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 25,000 shares of company stock valued at $202,950 in the last ninety days. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. boosted its stake in 89bio by 219.0% during the 2nd quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock worth $512,000 after purchasing an additional 43,842 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of 89bio during the second quarter worth about $2,238,000. XTX Topco Ltd acquired a new stake in shares of 89bio during the second quarter worth about $256,000. Squarepoint Ops LLC purchased a new position in shares of 89bio during the second quarter worth about $327,000. Finally, The Manufacturers Life Insurance Company increased its position in 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after acquiring an additional 3,557 shares during the period.

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.