89bio (NASDAQ:ETNB) Shares Down 8.2% – Time to Sell?

89bio, Inc. (NASDAQ:ETNB) shares dropped 8.2% on Friday . The stock traded as low as $6.72 and last traded at $6.75. Approximately 124,999 shares were traded during trading, a decline of 77% from the average daily volume of 536,345 shares. The stock had previously closed at $7.35.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ETNB shares. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 price objective on shares of 89bio in a research report on Thursday, January 2nd. Finally, Raymond James upgraded 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Price Performance

The business’s 50-day simple moving average is $8.32 and its two-hundred day simple moving average is $8.27. The stock has a market cap of $690.88 million, a price-to-earnings 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.

Insider Buying and Selling

In related news, Director Charles Mcwherter bought 10,000 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was acquired at an average cost of $8.00 per share, with a total value of $80,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $80,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rohan Palekar purchased 5,000 shares of 89bio stock in a transaction on Friday, December 6th. The stock was bought at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the transaction, 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 position. The disclosure for this purchase can be found here. Insiders have bought 25,000 shares of company stock worth $202,950 in the last 90 days. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On 89bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC increased its position in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after purchasing an additional 5,626 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in 89bio during the second quarter worth $66,000. China Universal Asset Management Co. Ltd. lifted its holdings 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 buying an additional 8,810 shares during the period. Intech Investment Management LLC acquired a new position in 89bio in the third quarter valued at $160,000. Finally, SG Americas Securities LLC boosted its position in 89bio by 21.4% during the third quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after acquiring an additional 5,421 shares during the last quarter.

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.