89bio (NASDAQ:ETNB) Reaches New 1-Year Low Following Insider Selling

89bio, Inc. (NASDAQ:ETNB)’s stock price hit a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The company 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 firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the sale, the insider now owns 271,833 shares of the company’s stock, valued at $1,764,196.17. This trade represents a 3.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ETNB shares. HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research report on Monday, November 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. Finally, Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Two research 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

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 company has a 50 day simple moving average of $7.96 and a 200 day simple moving average of $8.21. The stock has a market cap of $669.68 million, a P/E ratio of -2.17 and a beta of 1.14.

Institutional Trading of 89bio

Institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio in the second quarter valued at about $66,000. China Universal Asset Management Co. Ltd. grew its stake in 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of 89bio during the 3rd quarter worth approximately $160,000. Quest Partners LLC raised its stake in shares of 89bio by 172.1% during the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after purchasing an additional 13,961 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of 89bio by 21.4% in the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after buying an additional 5,421 shares during the last quarter.

About 89bio

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.