89bio (NASDAQ:ETNB) Hits New 12-Month Low After Insider Selling

89bio, Inc. (NASDAQ:ETNB) shares reached a new 52-week low on Friday after an insider sold shares in the company. The stock traded as low as $5.99 and last traded at $6.09, with a volume of 1329516 shares. The stock had previously closed at $6.27.

Specifically, insider Quoc Le-Nguyen sold 10,963 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, the insider now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ETNB shares. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

The business’s fifty day simple moving average is $7.96 and its 200-day simple moving average is $8.21. The firm has a market cap of $669.68 million, a P/E ratio of -2.17 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.

Hedge Funds Weigh In On 89bio

A number of large investors have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in 89bio by 26.9% in the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock worth $1,033,000 after purchasing an additional 27,334 shares in the last quarter. American Century Companies Inc. raised its position in shares of 89bio by 219.0% in the second quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock worth $512,000 after buying an additional 43,842 shares in the last quarter. Renaissance Technologies LLC bought a new stake in 89bio during the second quarter valued at $2,238,000. XTX Topco Ltd purchased a new position in 89bio during the second quarter worth about $256,000. Finally, Integral Health Asset Management LLC increased its stake in 89bio by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 450,000 shares of the company’s stock worth $3,604,000 after acquiring an additional 150,000 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.