89bio (NASDAQ:ETNB) Trading Down 4.5% – Should You Sell?

89bio, Inc. (NASDAQ:ETNB) shares were down 4.5% during mid-day trading on Thursday . The stock traded as low as $7.24 and last traded at $7.27. Approximately 167,442 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 947,330 shares. The stock had previously closed at $7.61.

Analyst Upgrades and Downgrades

ETNB has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $29.00 price target on shares of 89bio in a research report on Friday, September 20th. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Two 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Price Performance

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 has a market capitalization of $766.23 million, a price-to-earnings ratio of -2.48 and a beta of 1.12. The business’s 50 day simple moving average is $8.45 and its 200-day simple moving average is $8.36.

Insider Transactions at 89bio

In related news, CEO Rohan Palekar acquired 10,000 shares of 89bio stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at $3,893,070.60. This trade represents a 2.19 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders acquired 25,000 shares of company stock worth $202,950. Company insiders own 2.80% of the company’s stock.

Institutional Trading of 89bio

A number of hedge funds and other institutional investors have recently made changes to their positions in ETNB. Candriam S.C.A. increased its stake in shares of 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock valued at $6,793,000 after acquiring an additional 538,079 shares during the period. HighVista Strategies LLC bought a new stake in shares of 89bio in the 3rd quarter worth $494,000. FMR LLC lifted its holdings in shares of 89bio by 2,153.2% in the third quarter. FMR LLC now owns 73,386 shares of the company’s stock valued at $543,000 after buying an additional 70,129 shares during the period. Harbor Capital Advisors Inc. boosted its stake in 89bio by 165.3% during the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company’s stock valued at $1,687,000 after buying an additional 142,032 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in 89bio during the second quarter worth about $2,238,000.

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.