By otakuyassine3@gmail.com 
89bio, Inc. (NASDAQ:ETNB – Get Free Report) was the recipient of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 5,880,000 shares, a growth of 6.5% from the November 15th total of 5,520,000 shares. Based on an average trading volume of 767,600 shares, the short-interest ratio is presently 7.7 days.
Insiders Place Their Bets
In other 89bio news, Director Charles Mcwherter acquired 10,000 shares of the business’s stock in a transaction 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 acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rohan Palekar bought 5,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the transaction, the chief executive officer now owns 471,236 shares in the company, valued at approximately $3,718,052.04. This represents a 1.07 % 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 over the last three months. Insiders own 2.80% of the company’s stock.
Hedge Funds Weigh In On 89bio
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC increased 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 period. Northwestern Mutual Wealth Management Co. acquired a new stake in 89bio in the second quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. raised its position in shares of 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after purchasing an additional 8,810 shares during the period. Intech Investment Management LLC bought a new position in shares of 89bio in the third quarter valued at $160,000. Finally, SG Americas Securities LLC bought a new position in 89bio in the 2nd quarter valued at about $203,000.
89bio Price Performance
89bio stock traded up $0.08 during midday trading on Tuesday, reaching $7.98. The company’s stock had a trading volume of 1,059,812 shares, compared to its average volume of 948,400. The stock has a market cap of $846.89 million, a PE ratio of -2.74 and a beta of 1.12. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio has a 52 week low of $7.00 and a 52 week high of $16.63. The business has a 50-day moving average price of $8.45 and a 200-day moving average price of $8.36.
Analysts Set New Price Targets
ETNB has been the topic of a number of recent research reports. Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of 89bio in a research report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Two equities research 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. Based on data from MarketBeat.com, 89bio currently has an average rating of “Moderate Buy” and a consensus price target of $30.33.
Get Our Latest Research Report on 89bio
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.
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