89bio, Inc. (NASDAQ:ETNB) Sees Significant Increase in Short Interest

89bio, Inc. (NASDAQ:ETNB) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 5,880,000 shares, an increase of 6.5% from the November 15th total of 5,520,000 shares. Based on an average trading volume of 767,600 shares, the days-to-cover ratio is currently 7.7 days.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar bought 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the purchase, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired a total of 25,000 shares of company stock valued at $202,950 in the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 89bio

Several hedge funds and other institutional investors have recently modified their holdings of ETNB. SG Americas Securities LLC acquired a new position in shares of 89bio in the 2nd quarter worth approximately $203,000. Raymond James & Associates grew its holdings in shares of 89bio by 35.2% during the second quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock worth $1,465,000 after purchasing an additional 47,670 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 89bio by 20.5% during the second quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock worth $2,401,000 after purchasing an additional 50,943 shares during the last quarter. Rhumbline Advisers increased its stake in shares of 89bio by 26.9% in the second quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock valued at $1,033,000 after buying an additional 27,334 shares in the last quarter. Finally, Candriam S.C.A. raised its holdings in shares of 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after buying an additional 538,079 shares during the last quarter.

89bio Price Performance

Shares of NASDAQ:ETNB traded up $0.08 during midday trading on Tuesday, reaching $7.98. 1,059,812 shares of the company’s stock were exchanged, compared to its average volume of 948,400. 89bio has a 12 month low of $7.00 and a 12 month high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The firm has a market capitalization of $846.89 million, a PE ratio of -2.74 and a beta of 1.12. The company’s 50 day simple moving average is $8.45 and its two-hundred day simple moving average is $8.36.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ETNB. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.33.

About 89bio

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.