89bio (NASDAQ:ETNB) Sets New 12-Month Low – Here’s Why

89bio, Inc. (NASDAQ:ETNB)’s stock price reached a new 52-week low on Friday . The stock traded as low as $6.43 and last traded at $7.03, with a volume of 4655971 shares. The stock had previously closed at $7.61.

Analyst Upgrades and Downgrades

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

89bio Stock Down 7.6 %

The firm has a market cap of $746.07 million, a price-to-earnings ratio of -2.42 and a beta of 1.12. The firm has a fifty day simple moving average of $8.45 and a 200-day simple moving average of $8.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Insider Transactions at 89bio

In other news, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $7.89 per share, with a total value of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares in the company, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Mcwherter purchased 10,000 shares of 89bio stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average price 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 in the company, valued at $80,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 25,000 shares of company stock worth $202,950. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On 89bio

Hedge funds have recently bought and sold shares of the business. Candriam S.C.A. boosted its holdings in 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after purchasing an additional 538,079 shares during the period. HighVista Strategies LLC acquired a new stake in shares of 89bio in the third quarter valued at approximately $494,000. FMR LLC boosted its stake in shares of 89bio by 2,153.2% in the third quarter. FMR LLC now owns 73,386 shares of the company’s stock valued at $543,000 after buying an additional 70,129 shares during the period. Harbor Capital Advisors Inc. grew its position in 89bio by 165.3% during the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock worth $1,687,000 after buying an additional 142,032 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in 89bio during the 2nd quarter worth $2,238,000.

About 89bio

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.