89bio (NASDAQ:ETNB) Shares Gap Up to $9.08

89bio, Inc. (NASDAQ:ETNB)’s share price gapped up before the market opened on Monday . The stock had previously closed at $9.08, but opened at $9.43. 89bio shares last traded at $9.24, with a volume of 124,226 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ETNB shares. Oppenheimer restated a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Bank of America reaffirmed a “buy” rating and set a $30.00 target price on shares of 89bio in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Friday, April 5th. Royal Bank of Canada reduced their price target on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Finally, HC Wainwright reiterated a “buy” rating and set a $31.00 price target on shares of 89bio in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, 89bio presently has an average rating of “Moderate Buy” and an average price target of $29.00.

89bio Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The stock has a market cap of $849.36 million, a price-to-earnings ratio of -4.44 and a beta of 1.04. The business’s 50-day simple moving average is $11.09 and its two-hundred day simple moving average is $9.94.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). Research analysts expect that 89bio, Inc. will post -2.2 earnings per share for the current year.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar sold 4,477 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $10.76, for a total value of $48,172.52. Following the sale, the chief executive officer now owns 486,889 shares in the company, valued at $5,238,925.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were bought at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares in the company, valued at $190,824,814.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction on Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the transaction, the chief executive officer now owns 486,889 shares in the company, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On 89bio

Hedge funds have recently bought and sold shares of the company. Wetzel Investment Advisors Inc. bought a new position in 89bio during the fourth quarter worth $34,000. AJOVista LLC bought a new position in 89bio during the fourth quarter worth $42,000. China Universal Asset Management Co. Ltd. raised its stake in 89bio by 349.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company’s stock worth $98,000 after buying an additional 6,802 shares during the last quarter. Alpine Global Management LLC bought a new position in 89bio during the third quarter worth $159,000. Finally, Quest Partners LLC bought a new position in 89bio during the fourth quarter worth $117,000.

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.