89bio (NASDAQ:ETNB) Trading Down 3.7% – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB)’s share price dropped 3.7% during trading on Tuesday . The company traded as low as $7.50 and last traded at $7.50. Approximately 101,562 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 973,139 shares. The stock had previously closed at $7.79.

Wall Street Analyst Weigh In

ETNB has been the topic of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a report on Friday, September 20th. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James raised 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Two equities research 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Stock Performance

The stock has a market capitalization of $829.91 million, a price-to-earnings ratio of -2.69 and a beta of 1.12. The firm has a fifty day moving average of $8.41 and a 200 day moving average of $8.31. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Insider Buying and Selling at 89bio

In related news, Director Charles Mcwherter acquired 10,000 shares of 89bio stock in a transaction that occurred on Thursday, December 5th. The shares were purchased at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $80,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Rohan Palekar acquired 5,000 shares of 89bio stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the transaction, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 25,000 shares of company stock valued at $202,950. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC lifted its position in 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after buying an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in 89bio in the second quarter valued at $66,000. China Universal Asset Management Co. Ltd. raised its position in 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the period. Intech Investment Management LLC purchased a new stake in 89bio in the third quarter valued at $160,000. Finally, Algert Global LLC raised its position in 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock valued at $245,000 after purchasing an additional 7,203 shares during the period.

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.