Wolfe Research started coverage on shares of 89bio (NASDAQ:ETNB – Free Report) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating on the stock.
ETNB has been the subject of several other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a research report on Saturday. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st. UBS Group increased their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a report on Friday, January 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.43.
Read Our Latest Research Report on ETNB
89bio Stock Up 15.7 %
Insider Transactions at 89bio
In related news, Director Charles Mcwherter acquired 10,000 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average price of $8.00 per share, with a total value of $80,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Rohan Palekar acquired 5,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $7.89 per share, with a total value of $39,450.00. Following the transaction, the chief executive officer now directly owns 471,236 shares in the company, valued at $3,718,052.04. This trade represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 5,744,285 shares of company stock worth $50,235,694 in the last 90 days. Insiders own 2.80% of the company’s stock.
Hedge Funds Weigh In On 89bio
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 89bio by 1.2% in 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 valued at $1,043,000 after buying an additional 1,624 shares during the period. New York State Common Retirement Fund boosted its position in 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company’s stock valued at $128,000 after buying an additional 3,200 shares during the period. 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 period. Rhumbline Advisers boosted its position in 89bio by 3.3% in the 4th quarter. Rhumbline Advisers now owns 129,980 shares of the company’s stock valued at $1,016,000 after buying an additional 4,125 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its position in 89bio by 22.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company’s stock valued at $195,000 after buying an additional 4,562 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.
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