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

89bio, Inc. (NASDAQ:ETNB) reached a new 52-week low on Friday . The stock traded as low as $6.43 and last traded at $7.03, with a volume of 4655971 shares. The stock had previously closed at $7.61.

Analyst Ratings Changes

ETNB has been the topic of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. Finally, Raymond James raised 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

89bio Stock Up 12.9 %

The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock’s fifty day simple moving average is $8.45 and its two-hundred day simple moving average is $8.35. The stock has a market capitalization of $842.64 million, a P/E ratio of -2.73 and a beta of 1.12.

Insider Buying and Selling

In related news, CEO Rohan Palekar bought 5,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $7.89 per share, with a total value of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This represents a 1.07 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Mcwherter purchased 10,000 shares of the firm’s 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 purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 25,000 shares of company stock valued at $202,950 over the last 90 days. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC increased its position in shares of 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after buying an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in shares of 89bio in the 2nd quarter worth about $66,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of 89bio by 76.2% in the 3rd 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 during the period. Intech Investment Management LLC bought a new stake in shares of 89bio during the 3rd quarter valued at about $160,000. Finally, SG Americas Securities LLC acquired a new stake in 89bio during the second quarter worth approximately $203,000.

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.