89bio (NASDAQ:ETNB) Stock Price Down 4% – Here’s Why

Shares of 89bio, Inc. (NASDAQ:ETNB) dropped 4% during trading on Thursday . The company traded as low as $6.02 and last traded at $6.02. Approximately 229,684 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 744,907 shares. The stock had previously closed at $6.27.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective 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 research report on Thursday, December 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Trading Up 3.6 %

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 firm has a market capitalization of $669.68 million, a P/E ratio of -2.17 and a beta of 1.14. The firm has a 50 day moving average of $7.96 and a 200-day moving average of $8.21.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the completion of the transaction, the insider now directly owns 271,833 shares in the company, valued at approximately $1,764,196.17. This represents a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rohan Palekar acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares in the company, valued at $3,718,052.04. This represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 25,000 shares of company stock worth $202,950 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

Several large investors have recently bought and sold shares of ETNB. Northwestern Mutual Wealth Management Co. bought a new position in 89bio in the 2nd quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. raised its stake in shares of 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after acquiring an additional 8,810 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of 89bio during the third quarter worth $160,000. Quest Partners LLC grew its stake in shares of 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after purchasing an additional 13,961 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in 89bio by 21.4% during the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock worth $227,000 after buying an additional 5,421 shares during the period.

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.