89bio (NASDAQ:ETNB) Hits New 52-Week Low - Here's Why

89bio, Inc. (NASDAQ:ETNB - Get Free Report) shares hit a new 52-week low during mid-day trading on Saturday . The stock traded as low as $6.26 and last traded at $6.51, with a volume of 1116735 shares traded. The stock had previously closed at $7.35.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Raymond James raised shares of 89bio to a "strong-buy" rating in a report on Thursday, December 12th. Finally, HC Wainwright reiterated a "buy" rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two equities 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 company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

89bio Stock Down 11.4 %

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's 50-day moving average price is $8.32 and its 200 day moving average price is $8.27. The firm has a market cap of $690.88 million, a P/E ratio of -2.24 and a beta of 1.14.

Insiders Place Their Bets

In other 89bio news, CEO Rohan Palekar purchased 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares of the company's stock, valued at $3,893,070.60. The trade was a 2.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders bought 25,000 shares of company stock worth $202,950. Insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On 89bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC boosted its stake in 89bio by 226.2% during the 2nd 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. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio in the second quarter valued at $66,000. China Universal Asset Management Co. Ltd. boosted its stake in 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 buying an additional 8,810 shares in the last quarter. Intech Investment Management LLC acquired a new position in 89bio during the third quarter worth about $160,000. Finally, Algert Global LLC raised its position in 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company's stock worth $245,000 after acquiring an additional 7,203 shares in 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.