89bio (NASDAQ:ETNB) Hits New 52-Week Low – Should You Sell?

89bio, Inc. (NASDAQ:ETNB)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $4.16 and last traded at $5.54, with a volume of 4287191 shares. The stock had previously closed at $4.83.

Analyst Ratings Changes

Several analysts have issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Citigroup assumed coverage on shares of 89bio in a report on Thursday, March 13th. They issued a “buy” rating and a $25.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Wolfe Research initiated coverage on shares of 89bio in a research report on Tuesday, February 4th. They issued an “outperform” rating for the company. Finally, UBS Group raised their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $27.56.

89bio Stock Up 10.8 %

The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $807.29 million, a PE ratio of -1.90 and a beta of 1.25. The company’s 50 day moving average is $8.58 and its two-hundred day moving average is $8.24.

89bio (NASDAQ:ETNB) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.42). On average, analysts anticipate that 89bio, Inc. will post -3.19 earnings per share for the current year.

Insider Buying and Selling at 89bio

In other 89bio news, Director Ra Capital Management, L.P. acquired 5,714,285 shares of the stock in a transaction on Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the transaction, the director now directly owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Mcwherter bought 5,000 shares of 89bio stock in a transaction dated Tuesday, January 21st. The stock was acquired at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the acquisition, the director now owns 15,000 shares in the company, valued at approximately $98,250. The trade was a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 89bio

Several institutional investors have recently modified their holdings of ETNB. Janus Henderson Group PLC boosted its holdings in shares of 89bio by 8.9% in the 4th quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company’s stock worth $129,177,000 after purchasing an additional 1,355,838 shares during the period. Suvretta Capital Management LLC boosted its stake in 89bio by 27.7% during the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock worth $79,785,000 after buying an additional 2,211,052 shares during the period. RTW Investments LP boosted its stake in 89bio by 1.3% during the fourth quarter. RTW Investments LP now owns 7,478,061 shares of the company’s stock worth $58,478,000 after buying an additional 99,513 shares during the period. Deep Track Capital LP increased its position in 89bio by 134.2% during the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company’s stock valued at $50,660,000 after acquiring an additional 3,711,737 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of 89bio by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company’s stock valued at $44,514,000 after acquiring an additional 686,054 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.