89bio (NASDAQ:ETNB) Shares Down 8.2% – Here’s Why

89bio, Inc. (NASDAQ:ETNB)’s share price traded down 8.2% on Friday . The stock traded as low as $6.72 and last traded at $6.75. 124,999 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 536,345 shares. The stock had previously closed at $7.35.

Wall Street Analyst Weigh In

ETNB has been the topic of a number of research analyst reports. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of 89bio in a 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 Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Trading Down 11.4 %

The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average price of $8.32 and a 200-day moving average price of $8.27. The company has a market cap of $690.88 million, a P/E ratio of -2.24 and a beta of 1.14.

Insider Buying and Selling at 89bio

In related news, Director Charles Mcwherter bought 10,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was bought at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $80,000. This 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 acquired 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $7.89 per share, with a total value of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares of the company’s stock, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 25,000 shares of company stock worth $202,950 over the last quarter. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 89bio

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in 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 acquiring an additional 50,943 shares during the period. Rhumbline Advisers increased its holdings in shares of 89bio by 26.9% during the second quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock worth $1,033,000 after purchasing an additional 27,334 shares during the period. Quest Partners LLC raised its position in shares of 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 buying an additional 5,626 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of 89bio by 219.0% in the second quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock valued at $512,000 after buying an additional 43,842 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in 89bio during the second quarter worth approximately $2,238,000.

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.