89bio (NASDAQ:ETNB) Shares Down 4% – What’s Next?

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

Analysts Set New Price Targets

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

89bio Price Performance

The firm has a market cap of $645.27 million, a price-to-earnings ratio of -2.09 and a beta of 1.14. 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 company’s 50-day moving average price is $8.20 and its 200-day moving average price is $8.25.

Insiders Place Their Bets

In other 89bio news, CEO Rohan Palekar purchased 5,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the acquisition, the chief executive officer now owns 471,236 shares in the company, valued at approximately $3,718,052.04. This 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 the SEC website. Also, Director Charles Mcwherter acquired 10,000 shares of the business’s stock in a transaction dated 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 acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 25,000 shares of company stock worth $202,950. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its stake in 89bio by 26.9% in the second quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock valued at $1,033,000 after acquiring an additional 27,334 shares during the period. Quest Partners LLC increased its stake in 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of 89bio by 219.0% during the 2nd quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock valued at $512,000 after purchasing an additional 43,842 shares in the last quarter. Renaissance Technologies LLC bought a new position in 89bio during the 2nd quarter worth about $2,238,000. Finally, XTX Topco Ltd acquired a new stake in shares of 89bio in the 2nd quarter valued at approximately $256,000.

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.