89bio (NASDAQ:ETNB) Stock Price Down 5% – What’s Next?

89bio, Inc. (NASDAQ:ETNB) shares were down 5% during trading on Friday . The company traded as low as $7.45 and last traded at $7.46. Approximately 367,504 shares were traded during trading, a decline of 61% from the average daily volume of 945,100 shares. The stock had previously closed at $7.85.

Analyst Ratings Changes

A number of equities research analysts recently commented on ETNB shares. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Raymond James cut their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Friday, September 20th. Two research 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Trading Down 3.2 %

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 stock has a fifty day moving average price of $8.41 and a 200-day moving average price of $8.36.

Insider Activity

In other news, Director Charles Mcwherter purchased 10,000 shares of the stock in a transaction dated Thursday, December 5th. The stock was acquired at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $80,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rohan Palekar acquired 5,000 shares of the stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $7.89 per share, with a total value of $39,450.00. Following the completion of the transaction, the chief executive officer now owns 471,236 shares in the company, valued at approximately $3,718,052.04. This represents a 1.07 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 25,000 shares of company stock valued at $202,950 over the last ninety days. 2.80% of the stock is currently owned by insiders.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Candriam S.C.A. grew its position in shares of 89bio by 173.6% in the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after buying an additional 538,079 shares during the last quarter. HighVista Strategies LLC acquired a new position in 89bio in the 3rd quarter valued at about $494,000. Harbor Capital Advisors Inc. boosted its holdings in shares of 89bio by 165.3% during the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock worth $1,687,000 after purchasing an additional 142,032 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of 89bio during the 2nd quarter worth $2,238,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of 89bio by 28.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,221 shares of the company’s stock valued at $364,000 after acquiring an additional 7,000 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.