89bio (NASDAQ:ETNB) Shares Down 5.7% – Should You Sell?

89bio, Inc. (NASDAQ:ETNB)’s share price fell 5.7% on Tuesday . The stock traded as low as $8.78 and last traded at $8.63. 47,850 shares changed hands during trading, a decline of 96% from the average session volume of 1,178,761 shares. The stock had previously closed at $9.15.

Wall Street Analysts Forecast Growth

ETNB has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a research report on Friday, February 28th. The Goldman Sachs Group began coverage on 89bio in a report on Friday, March 14th. They set a “neutral” rating and a $11.00 price target on the stock. Raymond James raised shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Citigroup began coverage on shares of 89bio in a research report on Thursday, March 13th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Wolfe Research assumed coverage on shares of 89bio in a research note on Tuesday, February 4th. They issued an “outperform” rating for the company. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.56.

89bio Price Performance

The stock has a market cap of $1.24 billion, a PE ratio of -2.91 and a beta of 1.17. 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 50-day moving average is $9.00 and its two-hundred day moving average is $8.42.

89bio (NASDAQ:ETNB) last released its quarterly earnings results on Thursday, March 6th. The company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, equities analysts predict that 89bio, Inc. will post -3.19 earnings per share for the current year.

Insider Transactions at 89bio

In related news, Director Charles Mcwherter bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the acquisition, the director now owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of 89bio stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the completion of the transaction, the insider now owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. This trade represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

Several hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares in the last quarter. Quarry LP acquired a new stake in 89bio during the fourth quarter worth approximately $55,000. Kingswood Wealth Advisors LLC purchased a new position in shares of 89bio in the 4th quarter valued at $86,000. Sandia Investment Management LP raised its stake in 89bio by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new position in 89bio in the fourth quarter valued at $87,000.

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.