89bio (NASDAQ:ETNB) Sets New 52-Week Low – Here’s Why

89bio, Inc. (NASDAQ:ETNB)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $6.43 and last traded at $7.03, with a volume of 4655971 shares trading hands. The stock had previously closed at $7.61.

Analyst Ratings Changes

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

89bio Price Performance

The firm has a market cap of $842.64 million, a price-to-earnings ratio of -2.73 and a beta of 1.12. The business has a 50 day simple moving average of $8.45 and a 200-day simple moving average of $8.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Insider Activity at 89bio

In other 89bio news, Director Charles Mcwherter bought 10,000 shares of 89bio stock in a transaction dated Thursday, December 5th. The stock was bought at an average cost 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 in the company, valued at approximately $80,000. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. Insiders have purchased a total of 25,000 shares of company stock valued at $202,950 over the last 90 days. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its holdings in shares of 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 buying an additional 1,882,108 shares during the last quarter. Erste Asset Management GmbH bought a new position in shares of 89bio during the 3rd quarter valued at approximately $5,631,000. Westfield Capital Management Co. LP grew its position in shares of 89bio by 29.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company’s stock valued at $22,245,000 after acquiring an additional 686,673 shares during the period. Candriam S.C.A. increased its stake in shares of 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after purchasing an additional 538,079 shares during the last quarter. Finally, Walleye Capital LLC raised its holdings in shares of 89bio by 1,232.2% in the 3rd quarter. Walleye Capital LLC now owns 435,298 shares of the company’s stock worth $3,221,000 after purchasing an additional 402,624 shares during the period.

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.