Ra Capital Management, L.P. Acquires 5,714,285 Shares of 89bio, Inc. (NASDAQ:ETNB) 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 stock was purchased at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the acquisition, the director now owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. This 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 15.7 %

ETNB stock opened at $10.75 on Wednesday. The business has a fifty day moving average price of $7.85 and a 200 day moving average price of $8.20. 89bio, Inc. has a fifty-two week low of $5.99 and a fifty-two week high of $16.63. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -3.69 and a beta of 1.17. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Wall Street Analyst Weigh In

ETNB has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, January 21st. UBS Group increased their target price on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Wolfe Research initiated coverage on 89bio in a report on Tuesday. They issued an “outperform” rating for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 89bio in a report on Saturday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.43.

Institutional Investors Weigh In On 89bio

Hedge funds and other institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC bought a new position in 89bio in the 2nd quarter valued at $327,000. The Manufacturers Life Insurance Company boosted its position in 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after buying an additional 3,557 shares during the last quarter. Algert Global LLC boosted its position in 89bio by 30.8% in the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock valued at $245,000 after buying an additional 7,203 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in 89bio in the 2nd quarter valued at $66,000. Finally, SG Americas Securities LLC boosted its position in 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 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.