89bio (NASDAQ:ETNB) Reaches New 1-Year Low – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB) shares reached a new 52-week low during mid-day trading on Saturday . The stock traded as low as $6.26 and last traded at $6.51, with a volume of 1116735 shares. The stock had previously closed at $7.35.

Wall Street Analyst Weigh In

ETNB has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two equities 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, 89bio currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Trading Down 11.4 %

The company’s fifty day moving average is $8.32 and its two-hundred day moving average is $8.26. 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 stock has a market cap of $690.88 million, a price-to-earnings ratio of -2.24 and a beta of 1.14.

Insider Activity

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

Hedge Funds Weigh In On 89bio

Several large investors have recently bought and sold shares of ETNB. 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 purchasing an additional 5,626 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio during the 2nd quarter worth approximately $66,000. China Universal Asset Management Co. Ltd. grew its stake 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 worth $151,000 after buying an additional 8,810 shares during the last quarter. Intech Investment Management LLC acquired a new position in 89bio during the third quarter worth approximately $160,000. Finally, SG Americas Securities LLC lifted its stake in 89bio by 21.4% in the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after buying an additional 5,421 shares during the last quarter.

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.