89bio (NASDAQ:ETNB) Sees Large Volume Increase – Should You Buy?

89bio, Inc. (NASDAQ:ETNB) shares saw unusually-high trading volume on Tuesday . Approximately 2,881,132 shares were traded during mid-day trading, an increase of 14% from the previous session’s volume of 2,534,830 shares.The stock last traded at $9.59 and had previously closed at $9.00.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a research note on Saturday, January 18th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Trading Up 10.4 %

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 company has a market cap of $1.02 billion, a PE ratio of -3.31 and a beta of 1.14. The stock’s 50 day moving average is $7.80 and its 200-day moving average is $8.19.

Insiders Place Their Bets

In other 89bio news, Director Charles Mcwherter acquired 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was acquired at an average price 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. This trade represents a 50.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rohan Palekar acquired 10,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the transaction, the chief executive officer now owns 466,236 shares in the company, valued at approximately $3,893,070.60. The trade was a 2.19 % 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 Investors Weigh In On 89bio

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in shares of 89bio by 219.0% during the second quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock worth $512,000 after buying an additional 43,842 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of 89bio in the 2nd quarter worth approximately $2,238,000. Squarepoint Ops LLC purchased a new stake in shares of 89bio in the 2nd quarter worth about $327,000. The Manufacturers Life Insurance Company increased its position in 89bio by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock worth $251,000 after buying an additional 3,557 shares in the last quarter. Finally, Algert Global LLC lifted its stake in shares of 89bio by 30.8% during the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after purchasing an additional 7,203 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.