89bio (NASDAQ:ETNB) Hits New 52-Week Low - Should You Sell?

89bio, Inc. (NASDAQ:ETNB - Get Free Report) reached a new 52-week low during trading on Friday . The company traded as low as $5.99 and last traded at $6.09, with a volume of 1329516 shares trading hands. The stock had previously closed at $6.27.

Analyst Ratings Changes

Several research analysts have recently weighed in on ETNB shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. HC Wainwright reiterated a "buy" rating and issued a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James upgraded 89bio to a "strong-buy" rating in a report on Thursday, December 12th. Two research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

89bio Trading Up 3.4 %

The firm's 50 day simple moving average is $8.05 and its 200-day simple moving average is $8.22. The company has a market capitalization of $669.68 million, a PE ratio of -2.17 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.

Insider Buying and Selling

In related news, Director Charles Mcwherter purchased 10,000 shares of 89bio stock in a transaction that occurred on Thursday, December 5th. The shares were purchased at an average cost of $8.00 per share, with a total value of $80,000.00. Following the transaction, the director now owns 10,000 shares of the company's stock, valued at approximately $80,000. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 271,833 shares of the company's stock, valued at $1,764,196.17. This trade represents a 3.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders acquired 25,000 shares of company stock valued at $202,950. Company insiders own 2.80% of the company's stock.

Institutional Trading of 89bio

A number of hedge funds and other institutional investors have recently modified their holdings of ETNB. Janus Henderson Group PLC boosted its holdings in 89bio by 14.2% in the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company's stock valued at $112,140,000 after purchasing an additional 1,882,108 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of 89bio in the third quarter worth $5,631,000. Westfield Capital Management Co. LP raised its holdings in 89bio by 29.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company's stock valued at $22,245,000 after acquiring an additional 686,673 shares in the last quarter. Walleye Capital LLC boosted its stake in 89bio by 1,232.2% during the 3rd quarter. Walleye Capital LLC now owns 435,298 shares of the company's stock valued at $3,221,000 after acquiring an additional 402,624 shares during the last quarter. Finally, Exome Asset Management LLC acquired a new position in 89bio during the 3rd quarter worth $2,224,000.

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.