Shares of 89bio, Inc. (NASDAQ:ETNB - Get Free Report) were down 8.2% during trading on Friday . The stock traded as low as $6.72 and last traded at $6.75. Approximately 124,999 shares traded hands during trading, a decline of 77% from the average daily volume of 536,345 shares. The stock had previously closed at $7.35.
Analysts Set New Price Targets
A number of analysts have recently weighed in on ETNB shares. Cantor Fitzgerald reissued an "overweight" rating and set a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Raymond James upgraded shares of 89bio to a "strong-buy" rating in a report on Thursday, December 12th. Finally, HC Wainwright reissued a "buy" rating and set a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $30.33.
View Our Latest Stock Report on ETNB
89bio Price Performance
The firm has a market capitalization of $690.88 million, a P/E ratio of -2.24 and a beta of 1.14. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average price of $8.37 and a 200-day moving average price of $8.28.
Insider Transactions at 89bio
In related news, CEO Rohan Palekar purchased 5,000 shares of the business's stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, the chief executive officer now owns 471,236 shares in the company, valued at approximately $3,718,052.04. This trade represents a 1.07 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles Mcwherter bought 10,000 shares of 89bio stock in a transaction dated Thursday, December 5th. The shares were bought at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the director now 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. In the last quarter, insiders bought 25,000 shares of company stock worth $202,950. 2.80% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in 89bio by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company's stock worth $1,043,000 after purchasing an additional 1,624 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of 89bio by 12.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company's stock valued at $251,000 after buying an additional 3,557 shares during the period. SG Americas Securities LLC lifted its holdings in 89bio by 21.4% in the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company's stock valued at $227,000 after acquiring an additional 5,421 shares during the last quarter. Quest Partners LLC grew its position in 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company's stock worth $65,000 after acquiring an additional 5,626 shares during the period. Finally, Algert Global LLC increased its stake in 89bio by 30.8% during 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 during 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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