Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) fell 5% on Friday . The stock traded as low as $7.45 and last traded at $7.46. 367,504 shares changed hands during trading, a decline of 61% from the average session volume of 945,100 shares. The stock had previously closed at $7.85.
Analysts Set New Price Targets
ETNB has been the topic of several recent research reports. HC Wainwright restated a "buy" rating and issued a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Raymond James raised shares of 89bio to a "strong-buy" rating in a report on Thursday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $30.33.
Check Out Our Latest Analysis on 89bio
89bio Price Performance
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 $816.11 million, a price-to-earnings ratio of -2.64 and a beta of 1.12. The stock's 50-day simple moving average is $8.42 and its two-hundred day simple moving average is $8.36.
Insider Buying and Selling
In other 89bio news, Director Charles Mcwherter bought 10,000 shares of the company's stock in a transaction dated Thursday, December 5th. The stock was acquired at an average price of $8.00 per share, with a total value 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 $80,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rohan Palekar bought 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $7.89 per share, with a total value of $39,450.00. Following the completion of the transaction, the chief executive officer now directly owns 471,236 shares of the company's stock, valued at approximately $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 25,000 shares of company stock worth $202,950 in the last 90 days. Insiders own 2.80% of the company's stock.
Hedge Funds Weigh In On 89bio
A number of institutional investors and hedge funds have recently bought and sold shares of ETNB. Janus Henderson Group PLC lifted its stake in 89bio by 14.2% in the 3rd 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 in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of 89bio in the third quarter valued at approximately $5,631,000. Westfield Capital Management Co. LP lifted its position in 89bio by 29.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company's stock worth $22,245,000 after buying an additional 686,673 shares in the last quarter. Candriam S.C.A. boosted its stake in 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock worth $6,793,000 after buying an additional 538,079 shares during the last quarter. Finally, Walleye Capital LLC grew its holdings in 89bio by 1,232.2% in the 3rd quarter. Walleye Capital LLC now owns 435,298 shares of the company's stock valued at $3,221,000 after buying an additional 402,624 shares in the last quarter.
About 89bio
(
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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.
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