89bio (NASDAQ:ETNB) Stock Price Down 3.7% – Should You Sell?

89bio, Inc. (NASDAQ:ETNB)’s stock price dropped 3.7% during trading on Tuesday . The company traded as low as $7.50 and last traded at $7.50. Approximately 101,562 shares changed hands during trading, a decline of 90% from the average daily volume of 973,139 shares. The stock had previously closed at $7.79.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ETNB shares. 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. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two 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. According to MarketBeat, 89bio has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Down 0.4 %

The firm’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $8.33. 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 market cap of $823.54 million, a price-to-earnings ratio of -2.67 and a beta of 1.12.

Insider Buying and Selling

In related news, Director Charles Mcwherter bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were purchased 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 of the company’s stock, valued at approximately $80,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Rohan Palekar purchased 5,000 shares of 89bio stock in a transaction that occurred on Friday, December 6th. The stock was bought 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 of the company’s stock, valued at $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. Over the last quarter, insiders bought 25,000 shares of company stock worth $202,950. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Candriam S.C.A. increased its position in 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after buying an additional 538,079 shares during the period. FMR LLC raised its stake in 89bio by 2,153.2% during the 3rd quarter. FMR LLC now owns 73,386 shares of the company’s stock valued at $543,000 after acquiring an additional 70,129 shares during the last quarter. Barclays PLC lifted its position in 89bio by 228.9% during the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock worth $1,590,000 after acquiring an additional 149,479 shares during the period. HighVista Strategies LLC purchased a new position in 89bio in the third quarter valued at about $494,000. Finally, Harbor Capital Advisors Inc. lifted its position in shares of 89bio by 165.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after acquiring an additional 142,032 shares during the period.

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.