89bio (NASDAQ:ETNB) Given New $38.00 Price Target at UBS Group

89bio (NASDAQ:ETNB) had its price objective upped by UBS Group from $25.00 to $38.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Saturday, January 18th. Finally, HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, 89bio currently has an average rating of “Moderate Buy” and an average price target of $31.43.

89bio Price Performance

Shares of NASDAQ ETNB opened at $9.60 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The company has a 50 day simple moving average of $7.84 and a two-hundred day simple moving average of $8.20. 89bio has a fifty-two week low of $5.99 and a fifty-two week high of $16.63. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.30 and a beta of 1.14.

Insiders Place Their Bets

In related news, CEO Rohan Palekar bought 10,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the purchase, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles Mcwherter acquired 5,000 shares of 89bio stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the purchase, the director now owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 30,000 shares of company stock valued at $235,700. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund increased its holdings in 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock valued at $128,000 after purchasing an additional 3,200 shares during the last quarter. Rhumbline Advisers lifted its position in shares of 89bio by 3.3% during the 4th quarter. Rhumbline Advisers now owns 129,980 shares of the company’s stock worth $1,016,000 after purchasing an additional 4,125 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in 89bio by 22.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company’s stock worth $195,000 after buying an additional 4,562 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in 89bio in the fourth quarter valued at approximately $86,000. Finally, SG Americas Securities LLC grew its position in shares of 89bio by 18.3% in the 4th quarter. SG Americas Securities LLC now owns 36,325 shares of the company’s stock valued at $284,000 after buying an additional 5,612 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.