89bio, Inc. (NASDAQ:ETNB) Director Buys $49,999,993.75 in Stock

89bio, Inc. (NASDAQ:ETNB) Director Ra Capital Management, L.P. purchased 5,714,285 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were acquired at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the purchase, the director now owns 19,554,319 shares of the company’s stock, valued at approximately $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

89bio Trading Up 8.5 %

Shares of NASDAQ ETNB opened at $11.66 on Thursday. 89bio, Inc. has a 1-year low of $5.99 and a 1-year high of $16.63. The company has a 50-day moving average of $7.89 and a two-hundred day moving average of $8.22. The company has a market cap of $1.24 billion, a PE ratio of -4.01 and a beta of 1.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ETNB. Janus Henderson Group PLC increased its stake 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 valued at $112,140,000 after buying an additional 1,882,108 shares during the period. Erste Asset Management GmbH bought a new position in 89bio in the third quarter valued at about $5,631,000. Westfield Capital Management Co. LP increased its position in 89bio by 29.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock worth $22,245,000 after purchasing an additional 686,673 shares during the period. Walleye Capital LLC increased its position in 89bio by 1,232.2% in the third quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock worth $3,221,000 after purchasing an additional 402,624 shares during the period. Finally, Exome Asset Management LLC bought a new stake in 89bio during the 3rd quarter worth about $2,224,000.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Wolfe Research initiated coverage on 89bio in a report on Tuesday. They set an “outperform” rating for the company. UBS Group boosted their target price on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research report on Saturday, February 1st. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, 89bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.43.

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.