89bio (NASDAQ:ETNB) Shares Up 4.9% – Time to Buy?

Shares of 89bio, Inc. (NASDAQ:ETNB) shot up 4.9% during trading on Thursday . The stock traded as high as $8.41 and last traded at $8.41. 878,957 shares changed hands during trading, a decline of 26% from the average session volume of 1,189,320 shares. The stock had previously closed at $8.02.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ETNB. UBS Group upped their price objective 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price target on shares of 89bio in a research note on Thursday, January 2nd. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Wolfe Research assumed coverage on 89bio in a report on Tuesday, February 4th. They issued an “outperform” rating for the company. Finally, Citigroup started coverage on 89bio in a report on Thursday, March 13th. They set a “buy” rating and a $25.00 price target on the stock. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.56.

89bio Price Performance

The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock’s 50-day moving average price is $9.16 and its 200 day moving average price is $8.42. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -2.78 and a beta of 1.17.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.42). Equities research analysts predict that 89bio, Inc. will post -3.19 earnings per share for the current year.

Insider Activity

In other news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the transaction, the director now directly owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. This trade represents a 41.29 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles Mcwherter purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were purchased at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its stake in shares of 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock worth $49,000 after acquiring an additional 4,236 shares during the last quarter. Quarry LP bought a new position in 89bio in the 4th quarter worth approximately $55,000. Kingswood Wealth Advisors LLC acquired a new position in 89bio during the 4th quarter worth $86,000. Sandia Investment Management LP boosted its position in 89bio by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock valued at $88,000 after buying an additional 2,500 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of 89bio in the 4th quarter valued at $87,000.

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.