89bio (NASDAQ:ETNB) Experiences Significant Volume Surge - What's Next?

Shares of 89bio, Inc. (NASDAQ:ETNB) witnessed an unusual surge in trading volume on Friday, with approximately 1,705,503 shares exchanged. This marked a remarkable 81% increase compared to the previous day's volume of 943,383 shares. The stock was last quoted at $8.00 after previously closing at $7.89.

Analysts Update Price Targets

Several research firms have recently provided updates on ETNB. Cantor Fitzgerald reaffirmed an "overweight" rating and set a price target of $29.00 for the shares of 89bio in a report released on September 20th. HC Wainwright also maintained a "buy" rating, while placing a similar price target of $29.00 on the stock in their analysis from November 11th. Additionally, Raymond James reduced their price target from $53.00 to $49.00 and assigned a "strong-buy" rating in their report dated November 8th. Among the analysts, two rated the stock with a hold rating, four assigned a buy rating, and one issued a strong buy rating. According to data from MarketBeat.com, there is a consensus rating of "Moderate Buy" for the stock with an average price target of $30.33.

Check Out Our Latest Analysis on ETNB

89bio Stock Sees Slight Increase

The company has a market capitalization of $847.95 million, a price-to-earnings (P/E) ratio of -2.71, and a beta value of 1.12. The stock's 50-day moving average price stands at $8.34, while the 200-day moving average price is $8.38. In terms of financial health, 89bio has a debt-to-equity ratio of 0.09 and a current ratio and quick ratio both at 11.66.

Insider Trading Activity

In recent news regarding 89bio, CEO Rohan Palekar purchased 10,000 shares in a transaction dated November 22nd. The shares were acquired at an average price of $8.35 each, resulting in a total investment of $83,500. Following this transaction, the CEO now holds 466,236 shares valued at approximately $3,893,070.60, reflecting a 2.19% increase in his ownership. This transaction was reported in a document filed with the SEC.

Institutional Investor Activity

Recently, various hedge funds and institutional investors have adjusted their positions in 89bio. Quest Partners LLC significantly increased its stake by 226.2% in the second quarter, acquiring an additional 5,626 shares for a total ownership of 8,113 shares worth $65,000. Northwestern Mutual Wealth Management Co. also entered a new position valued at around $66,000 in the second quarter. Additionally, China Universal Asset Management Co. Ltd. raised its holdings by 76.2% in the third quarter, owning 20,370 shares post-purchase. Intech Investment Management LLC and SG Americas Securities LLC also made new acquisitions, with the former valued at approximately $160,000 and the latter at $203,000, respectively.

89bio Company Overview

89bio, Inc. is a clinical-stage biopharmaceutical company that specializes in developing and commercializing therapies targeted at liver and cardio-metabolic diseases. The company’s leading product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 aimed at treating nonalcoholic steatohepatitis and severe hypertriglyceridemia.

Considerations for Investment

Before investing in 89bio, prospective investors may want to consider alternatives. MarketBeat has identified several stocks that top analysts believe are better buys at present. While 89bio is considered a "Moderate Buy" among analysts, it did not make the list of preferred investments. Investors are encouraged to evaluate their options carefully.

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