89bio (NASDAQ:ETNB) Trading Down 8.2% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ETNB. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, 89bio currently has an average rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Performance

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 business’s fifty day moving average price is $8.37 and its two-hundred day moving average price is $8.28. The stock has a market capitalization of $693.00 million, a P/E ratio of -2.24 and a beta of 1.14.

Insider Buying and Selling at 89bio

In other 89bio news, Director Charles Mcwherter bought 10,000 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was acquired 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 directly owns 10,000 shares of the company’s stock, valued at approximately $80,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rohan Palekar purchased 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of 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 position. The disclosure for this purchase can be found here. Insiders have purchased a total of 25,000 shares of company stock worth $202,950 over the last ninety days. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

A number of large investors have recently bought and sold shares of the business. Quest Partners LLC increased its position in shares of 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 acquiring an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio during the 2nd quarter worth $66,000. China Universal Asset Management Co. Ltd. raised its position in 89bio by 76.2% during the 3rd 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 in the last quarter. Intech Investment Management LLC purchased a new stake in shares of 89bio in the 3rd quarter worth $160,000. Finally, Algert Global LLC lifted its holdings in shares of 89bio by 30.8% in the 2nd quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after buying 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.