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

89bio, Inc. (NASDAQ:ETNB - Get Free Report)'s share price reached a new 52-week low on Friday . The stock traded as low as $6.43 and last traded at $7.03, with a volume of 4655971 shares changing hands. The stock had previously closed at $7.61.

Wall Street Analyst Weigh In

ETNB has been the topic of a number of research reports. HC Wainwright restated a "buy" rating and issued a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Finally, Raymond James raised shares of 89bio to a "strong-buy" rating in a research note on Thursday, December 12th. Two equities 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 company. Based on data from MarketBeat.com, 89bio presently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

89bio Stock Up 12.9 %

The firm has a market capitalization of $842.64 million, a P/E ratio of -2.73 and a beta of 1.12. The firm's 50 day moving average is $8.45 and its two-hundred day moving average is $8.35. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Insider Transactions at 89bio

In other news, CEO Rohan Palekar acquired 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, the chief executive officer now directly owns 471,236 shares in the company, valued at approximately $3,718,052.04. The trade was a 1.07 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Mcwherter bought 10,000 shares of the stock in a transaction dated Thursday, December 5th. The shares were acquired 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. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have bought 25,000 shares of company stock worth $202,950 in the last ninety days. Insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On 89bio

Institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC lifted its position in 89bio by 14.2% during the third quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company's stock worth $112,140,000 after purchasing an additional 1,882,108 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of 89bio during the 3rd quarter worth approximately $5,631,000. Westfield Capital Management Co. LP boosted its position in shares of 89bio by 29.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company's stock worth $22,245,000 after acquiring an additional 686,673 shares in the last quarter. Candriam S.C.A. increased its stake in 89bio by 173.6% in the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock valued at $6,793,000 after acquiring an additional 538,079 shares during the last quarter. Finally, Walleye Capital LLC raised its position in 89bio by 1,232.2% during the third quarter. Walleye Capital LLC now owns 435,298 shares of the company's stock valued at $3,221,000 after purchasing an additional 402,624 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.