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

Shares of 89bio, Inc. (NASDAQ:ETNB) saw unusually-high trading volume on Friday . Approximately 1,705,503 shares were traded during trading, an increase of 81% from the previous session’s volume of 943,383 shares.The stock last traded at $8.00 and had previously closed at $7.89.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Raymond James decreased their price target on 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, 89bio has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Price Performance

The stock has a market capitalization of $847.95 million, a P/E ratio of -2.71 and a beta of 1.12. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $8.34 and a two-hundred day simple moving average of $8.38.

Insider Activity at 89bio

In related news, CEO Rohan Palekar bought 10,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were purchased 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 owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This represents a 2.19 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.80% of the stock is currently owned by company insiders.

Institutional Trading of 89bio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 89bio by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock worth $1,043,000 after acquiring an additional 1,624 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of 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 purchasing an additional 3,557 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of 89bio by 21.4% in the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after buying an additional 5,421 shares during the period. Quest Partners LLC increased its position in shares of 89bio by 226.2% in the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after buying an additional 5,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in 89bio by 28.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,221 shares of the company’s stock worth $364,000 after buying an additional 7,000 shares during the period.

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.