89bio (NASDAQ:ETNB) Trading Down 3.7% – Here’s What Happened

89bio, Inc. (NASDAQ:ETNB) shares traded down 3.7% during trading on Tuesday . The stock traded as low as $7.50 and last traded at $7.50. 101,562 shares were traded during trading, a decline of 90% from the average session volume of 973,139 shares. The stock had previously closed at $7.79.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Raymond James upgraded 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of 89bio in a report 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

The company has a market cap of $829.91 million, a P/E ratio of -2.69 and a beta of 1.12. The company has a fifty day simple moving average of $8.41 and a 200-day simple moving average of $8.31. 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 Buying and Selling at 89bio

In other 89bio news, CEO Rohan Palekar acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the completion of the acquisition, the chief executive officer now owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have bought a total of 25,000 shares of company stock valued at $202,950 in the last three months. 2.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ETNB. JPMorgan Chase & Co. raised its position in 89bio by 77.4% in the third quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock worth $736,000 after purchasing an additional 43,384 shares in the last quarter. Exome Asset Management LLC bought a new stake in shares of 89bio during the third quarter valued at approximately $2,224,000. Barclays PLC grew its stake in shares of 89bio by 228.9% during the third quarter. Barclays PLC now owns 214,768 shares of the company’s stock valued at $1,590,000 after purchasing an additional 149,479 shares during the last quarter. Geode Capital Management LLC boosted its stake in 89bio by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after acquiring an additional 160,356 shares during the last quarter. Finally, Sphera Funds Management LTD. boosted its stake in 89bio by 1.9% in the third quarter. Sphera Funds Management LTD. now owns 536,547 shares of the company’s stock valued at $3,970,000 after acquiring an additional 10,000 shares during the last quarter.

89bio Company Profile

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.