Michael R. Hayden Purchases 6,250 Shares of 89bio, Inc. (NASDAQ:ETNB) Stock

Posted by Defense World Staff on Apr 1st, 2023

89bio, Inc. (NASDAQ:ETNB – Get Rating) Director Michael R. Hayden acquired 6,250 shares of the company’s stock in a transaction dated Thursday, March 30th. The shares were bought at an average price of $3.62 per share, for a total transaction of $22,625.00. Following the acquisition, the director now directly owns 83,978 shares of the company’s stock, valued at approximately $304,000.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

89bio Stock Up 2.3 %

Shares of NASDAQ ETNB opened at $15.23 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.97 and a current ratio of 7.97. The firm has a 50 day moving average of $13.50 and a 200 day moving average of $10.50. 89bio, Inc. has a 12-month low of $2.00 and a 12-month high of $18.03.

Wall Street Analysts Forecast Growth

ETNB has been the subject of a number of research reports. Cantor Fitzgerald increased their target price on shares of 89bio from $34.00 to $45.00 in a research report on Wednesday, March 22nd. Bank of America increased their price target on shares of 89bio from $17.00 to $24.00 in a research report on Sunday, March 26th. Royal Bank of Canada upped their price target on shares of 89bio from $27.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, March 22nd. Raymond James boosted their price target on shares of 89bio from $25.00 to $50.00 in a research report on Wednesday, March 22nd. Finally, HC Wainwright upped their price target on 89bio from $25.00 to $30.00 in a research note on Wednesday, March 22nd. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, 89bio has an average rating of “Buy” and a consensus target price of $32.22.

Hedge Funds Weigh In On 89bio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. RA Capital Management L.P. lifted its stake in 89bio by 15.1% in the 4th quarter. RA Capital Management L.P. now owns 8,955,410 shares of the company’s stock worth $114,002,000 after purchasing an additional 1,172,741 shares in the last quarter. Marshall Wace LLP raised its stake in 89bio by 231.0% in the fourth quarter. Marshall Wace LLP now owns 1,487,311 shares of the company’s stock worth $18,933,000 after buying an additional 1,037,931 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in 89bio in the fourth quarter valued at approximately $13,043,000. Rubric Capital Management LP acquired a new position in 89bio during the 3rd quarter valued at approximately $5,729,000. Finally, Millennium Management LLC grew its stake in 89bio by 83.2% during the 4th quarter. Millennium Management LLC now owns 1,556,233 shares of the company’s stock valued at $19,811,000 after purchasing an additional 706,686 shares during the last quarter. 87.78% of the stock is currently owned by hedge funds and other institutional investors.

About 89bio

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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.