Cantor Fitzgerald Reiterates “Overweight” Rating for 89bio (NASDAQ:ETNB)

89bio (NASDAQ:ETNB)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a research report issued on Thursday,Benzinga reports. They presently have a $29.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 270.84% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of 89bio in a research note on Monday, November 11th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Trading Up 0.4 %

ETNB stock opened at $7.82 on Thursday. 89bio has a twelve month low of $6.43 and a twelve month high of $16.63. The stock has a market capitalization of $829.91 million, a price-to-earnings ratio of -2.69 and a beta of 1.12. 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 firm’s fifty day simple moving average is $8.41 and its two-hundred day simple moving average is $8.31.

Insider Activity at 89bio

In other news, CEO Rohan Palekar acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, the chief executive officer now directly owns 471,236 shares of the company’s stock, valued at $3,718,052.04. The trade was a 1.07 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles Mcwherter bought 10,000 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $80,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 25,000 shares of company stock worth $202,950 in the last 90 days. 2.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 89bio

Several institutional investors have recently bought and sold shares of ETNB. Raymond James & Associates increased its position in 89bio by 35.2% during the 2nd quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock valued at $1,465,000 after buying an additional 47,670 shares in the last quarter. Bank of New York Mellon Corp boosted its position in 89bio by 20.5% in the second quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock valued at $2,401,000 after buying an additional 50,943 shares during the last quarter. Rhumbline Advisers raised its position in 89bio by 26.9% during the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock worth $1,033,000 after buying an additional 27,334 shares during the last quarter. Candriam S.C.A. lifted its position in 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares during the period. Finally, Quest Partners LLC boosted its holdings in 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the last quarter.

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.