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

Shares of 89bio, Inc. (NASDAQ:ETNB) experienced a notable surge in trading volume recently. On a recent Friday, around 1,705,503 shares exchanged hands, representing an 81% increase from the previous day's volume of 943,383 shares. The stock price last stood at $8.00, slightly up from its closing price of $7.89.

Analysts Set New Price Targets

Several research firms have provided updates on 89bio's stock. Cantor Fitzgerald reaffirmed an "overweight" rating with a price target set at $29.00 for 89bio shares, according to a report released on September 20th. Similarly, HC Wainwright reiterated a "buy" rating and also set a $29.00 target on November 11th. Meanwhile, Raymond James adjusted their price target from $53.00 down to $49.00, maintaining a "strong-buy" rating on November 8th. Of the analysts covering the stock, two have a hold rating, four recommend buying, and one suggests a strong buy. As per data on MarketBeat.com, 89bio holds a consensus rating of "Moderate Buy" with an average price target of $30.33.

89bio Stock Up by 1.3%

The company boasts a market capitalization of approximately $847.95 million, with 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 is $8.34, and the 200-day moving average stands at $8.38. Financial metrics indicate a low debt-to-equity ratio of 0.09, and the firm has an impressive current ratio and quick ratio of 11.66.

Insider Activity

In related news, 89bio's CEO Rohan Palekar recently acquired 10,000 shares of the company's stock on November 22nd. The shares were purchased at an average price of $8.35 each, totaling approximately $83,500. Following this transaction, Palekar now owns a total of 466,236 shares, valued at about $3,893,070.60, marking a 2.19% increase in his holdings. This transaction has been filed with the SEC, providing transparency into insider trading activities. Currently, company insiders own approximately 2.80% of the stock.

Recent Institutional Trading

Several institutional investors and hedge funds have recently adjusted their positions in 89bio. Notably, Quest Partners LLC raised its stake in the company by 226.2% during the second quarter, now holding 8,113 shares valued at $65,000 after buying an additional 5,626 shares. Northwestern Mutual Wealth Management Co. also acquired a new stake in 89bio, valued at approximately $66,000 during the same quarter. In the third quarter, China Universal Asset Management Co., Ltd. increased its holdings by 76.2%, owning 20,370 shares worth around $151,000 after buying an extra 8,810 shares. Other firms, including Intech Investment Management LLC and SG Americas Securities LLC, have also entered or expanded their positions in 89bio shares, indicating growing institutional interest in the company.

89bio Company Overview

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

Further Insights

• Comparative analysis of five stocks favored over 89bio
• Understanding different investment types
• Insights from the CEO of Trinity Capital on private credit trends
• A deep dive into investment opportunities within transportation stocks
• Recent surge in Lululemon's stock following Q3 earnings report
• Effective strategies using the MarketBeat Ratings Screener
• Evaluating ten safe investments promising high returns

This report highlights key trading activities and analyst opinions on 89bio to provide an overview of the stock’s current standing in the market.

Should You Invest in 89bio Now?

If you are considering investing in 89bio, it's essential to gather all necessary information.

MarketBeat closely follows top-rated research analysts and their stock recommendations daily. It turns out that 89bio is not on the list of the five stocks that these analysts are currently advising their clients to buy ahead of market trends.

Explore the recommended stocks here to make informed decisions about your investment portfolio.

89bio, stocks, trading