89bio (NASDAQ:ETNB) Stock Price Down 4% – Time to Sell?

89bio, Inc. (NASDAQ:ETNB) fell 4% during trading on Thursday . The stock traded as low as $6.02 and last traded at $6.02. 229,684 shares traded hands during trading, a decline of 69% from the average session volume of 744,907 shares. The stock had previously closed at $6.27.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ETNB shares. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Finally, HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two equities 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.33.

89bio Price Performance

The business has a 50-day moving average price of $8.20 and a 200 day moving average price of $8.25. 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 stock has a market cap of $645.27 million, a PE ratio of -2.09 and a beta of 1.14.

Insider Transactions at 89bio

In other news, Director Charles Mcwherter acquired 10,000 shares of the stock in a transaction on Thursday, December 5th. The stock was acquired at an average price of $8.00 per share, with a total value of $80,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $80,000. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Rohan Palekar bought 5,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the purchase, the chief executive officer now owns 471,236 shares of the company’s stock, 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. Over the last quarter, insiders have bought 25,000 shares of company stock valued at $202,950. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 89bio

Several institutional investors have recently modified their holdings of ETNB. Hennion & Walsh Asset Management Inc. purchased a new position in shares of 89bio during the 4th quarter worth $739,000. Assenagon Asset Management S.A. bought a new stake in 89bio in the fourth quarter worth $1,897,000. Harbor Capital Advisors Inc. lifted its position in 89bio by 10.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 251,898 shares of the company’s stock worth $1,970,000 after buying an additional 23,968 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in 89bio by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company’s stock valued at $736,000 after purchasing an additional 43,384 shares during the last quarter. Finally, Exome Asset Management LLC bought a new position in shares of 89bio during the third quarter valued at approximately $2,224,000.

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.