89bio (NASDAQ:ETNB) Shares Gap Up – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB)’s share price gapped up prior to trading on Monday . The stock had previously closed at $7.13, but opened at $10.60. 89bio shares last traded at $10.97, with a volume of 13,434,411 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Tuesday, January 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 89bio in a research note on Saturday, January 18th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Trading Up 49.7 %

The firm has a 50-day moving average of $7.74 and a 200-day moving average of $8.18. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The firm has a market capitalization of $1.13 billion, a P/E ratio of -3.67 and a beta of 1.14.

Insider Transactions at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the sale, the insider now owns 271,833 shares in the company, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Mcwherter purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $98,250. This trade represents a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 30,000 shares of company stock worth $235,700. Company insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

A number of hedge funds have recently made changes to their positions in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 89bio by 1.2% in the third 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 grew its position in 89bio by 12.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after purchasing an additional 3,557 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in 89bio by 22.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,932 shares of the company’s stock valued at $195,000 after purchasing an additional 4,562 shares in the last quarter. SG Americas Securities LLC raised its holdings in 89bio by 21.4% in the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after buying an additional 5,421 shares during the last quarter. Finally, Algert Global LLC lifted its stake in shares of 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after buying an additional 7,203 shares in 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.