89bio (NASDAQ:ETNB) Reaches New 12-Month Low – Time to Sell?

89bio, Inc. (NASDAQ:ETNB) reached a new 52-week low on Friday . The stock traded as low as $5.99 and last traded at $6.09, with a volume of 1329516 shares trading hands. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

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

89bio Trading Down 2.9 %

The company has a 50 day moving average of $8.12 and a 200 day moving average of $8.24. The firm has a market cap of $646.33 million, a price-to-earnings ratio of -2.09 and a beta of 1.14. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling at 89bio

In other news, CEO Rohan Palekar bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders purchased 25,000 shares of company stock valued at $202,950. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 89bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new position in shares of 89bio in the second quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. raised its position in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after purchasing an additional 8,810 shares during the last quarter. Intech Investment Management LLC acquired a new position in 89bio in the third quarter worth $160,000. Quest Partners LLC boosted its stake in 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock worth $163,000 after purchasing an additional 13,961 shares in the last quarter. Finally, Algert Global LLC grew its holdings in shares of 89bio by 30.8% during the second quarter. Algert Global LLC now owns 30,587 shares of the company’s stock worth $245,000 after purchasing an additional 7,203 shares during the last quarter.

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.