89bio (NASDAQ:ETNB) Shares Down 4.5% – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB) shares traded down 4.5% on Thursday . The company traded as low as $7.24 and last traded at $7.27. 167,442 shares traded hands during trading, a decline of 82% from the average session volume of 947,330 shares. The stock had previously closed at $7.61.

Analysts Set New Price Targets

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

89bio Trading Down 5.1 %

The company has a fifty day moving average price of $8.45 and a 200-day moving average price of $8.36. 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 firm has a market cap of $766.23 million, a price-to-earnings ratio of -2.48 and a beta of 1.12.

Insider Buying and Selling

In related news, CEO Rohan Palekar bought 5,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the transaction, the chief executive officer now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Mcwherter acquired 10,000 shares of the company’s stock in a transaction dated Thursday, December 5th. The stock was purchased at an average cost of $8.00 per share, with a total value of $80,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $80,000. This represents a ? increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 25,000 shares of company stock worth $202,950 in the last 90 days. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Quest Partners LLC boosted its holdings 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 acquiring an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio during the 2nd quarter valued at about $66,000. China Universal Asset Management Co. Ltd. lifted its stake in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after buying an additional 8,810 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of 89bio during the third quarter worth about $160,000. Finally, SG Americas Securities LLC purchased a new stake in shares of 89bio in the second quarter valued at $203,000.

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.