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

89bio, Inc. (NASDAQ:ETNB) traded down 8.2% during trading on Friday . The company traded as low as $6.72 and last traded at $6.75. 124,999 shares traded hands during trading, a decline of 77% from the average session volume of 536,345 shares. The stock had previously closed at $7.35.

Analyst Upgrades and Downgrades

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

89bio Price Performance

The company has a market cap of $693.00 million, a PE ratio of -2.24 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The stock’s 50-day moving average is $8.37 and its 200 day moving average is $8.28.

Insider Activity

In related news, CEO Rohan Palekar acquired 5,000 shares of the firm’s 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 transaction, 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 purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles Mcwherter acquired 10,000 shares of the company’s stock in a transaction dated 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 completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $80,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 25,000 shares of company stock worth $202,950. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in shares of 89bio by 14.2% during the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock valued at $112,140,000 after buying an additional 1,882,108 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in 89bio by 29.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after buying an additional 686,673 shares in the last quarter. Geode Capital Management LLC boosted its holdings in 89bio by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after buying an additional 160,356 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in 89bio during the 3rd quarter worth approximately $5,631,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company’s stock valued at $5,336,000 after acquiring an additional 53,932 shares during the last quarter.

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.