89bio (NASDAQ:ETNB) Shares Down 4% - Here's What Happened

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

Analyst Upgrades and Downgrades

A number of research firms have commented on ETNB. Cantor Fitzgerald restated an "overweight" rating and issued a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Raymond James upgraded 89bio to a "strong-buy" rating in a research note on Thursday, December 12th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Two research 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's stock. According to MarketBeat.com, the stock has an average 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 company has a market capitalization of $669.66 million, a P/E ratio of -2.17 and a beta of 1.14. The firm's 50-day moving average price is $8.05 and its 200 day moving average price is $8.22.

Insider Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar acquired 5,000 shares of 89bio stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the purchase, the chief executive officer now directly owns 471,236 shares of the company's stock, valued at $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now owns 271,833 shares of the company's stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their position. The disclosure for this sale can be found here. 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 Trading of 89bio

Large investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. purchased a new position in shares of 89bio during the 2nd quarter valued at $66,000. China Universal Asset Management Co. Ltd. lifted its holdings 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 purchasing an additional 8,810 shares during the last quarter. Intech Investment Management LLC bought a new position in 89bio during the third quarter worth about $160,000. Quest Partners LLC increased 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 in the last quarter. Finally, Algert Global LLC raised its position in shares of 89bio by 30.8% in the second quarter. Algert Global LLC now owns 30,587 shares of the company's stock valued at $245,000 after purchasing an additional 7,203 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.