89bio (NASDAQ:ETNB) Sets New 1-Year Low – Should You Sell?

89bio, Inc. (NASDAQ:ETNB) shares hit a new 52-week low during trading on Saturday . The stock traded as low as $6.26 and last traded at $6.51, with a volume of 1116735 shares. The stock had previously closed at $7.35.

Analyst Ratings Changes

ETNB has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Stock Down 11.4 %

The company has a market cap of $690.88 million, a P/E ratio of -2.24 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company’s 50-day moving average is $8.32 and its two-hundred day moving average is $8.27.

Insider Activity at 89bio

In other 89bio news, Director Charles Mcwherter purchased 10,000 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $80,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rohan Palekar purchased 5,000 shares of the company’s stock in a transaction dated 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 purchase, the chief executive officer now directly owns 471,236 shares in the company, valued at approximately $3,718,052.04. The trade was a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 25,000 shares of company stock valued at $202,950 over the last 90 days. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ETNB. Barclays PLC increased its holdings in 89bio by 228.9% in the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock valued at $1,590,000 after acquiring an additional 149,479 shares during the last quarter. FMR LLC increased its holdings in shares of 89bio by 2,153.2% in the 3rd quarter. FMR LLC now owns 73,386 shares of the company’s stock worth $543,000 after buying an additional 70,129 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 89bio by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock worth $15,358,000 after buying an additional 160,356 shares during the last quarter. HighVista Strategies LLC bought a new stake in shares of 89bio in the 3rd quarter worth about $494,000. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of 89bio by 165.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock worth $1,687,000 after buying an additional 142,032 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.