89bio (NASDAQ:ETNB) Shares Down 9.1% – What’s Next?

89bio, Inc. (NASDAQ:ETNB)’s share price traded down 9.1% during mid-day trading on Tuesday . The stock traded as low as $9.13 and last traded at $9.21. 1,131,586 shares changed hands during trading, a decline of 58% from the average session volume of 2,677,360 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

ETNB has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Tuesday, January 21st. Wolfe Research initiated coverage on 89bio in a research note on Tuesday, February 4th. They issued an “outperform” rating for the company. UBS Group increased their price target on shares of 89bio from $25.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, 89bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.43.

89bio Stock Down 10.1 %

The firm has a market cap of $966.38 million, a PE ratio of -3.13 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 company’s 50-day simple moving average is $8.62 and its two-hundred day simple moving average is $8.44.

Insider Activity

In other 89bio news, Director Charles Mcwherter bought 10,000 shares of 89bio stock in a transaction dated 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 completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $80,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rohan Palekar bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $7.89 per share, with a total value of $39,450.00. Following the acquisition, the chief executive officer now owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This represents a 1.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 5,734,285 shares of company stock valued at $50,152,194. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 89bio by 26.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 178,691 shares of the company’s stock worth $1,397,000 after purchasing an additional 37,693 shares during the period. Woodline Partners LP lifted its holdings in 89bio by 640.1% in the fourth quarter. Woodline Partners LP now owns 394,826 shares of the company’s stock worth $3,088,000 after buying an additional 341,479 shares during the period. Stempoint Capital LP bought a new stake in 89bio during the 4th quarter valued at approximately $4,268,000. Suvretta Capital Management LLC boosted its position in 89bio by 27.7% during the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company’s stock valued at $79,785,000 after acquiring an additional 2,211,052 shares in the last quarter. Finally, Sandia Investment Management LP grew its holdings in shares of 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 during the period.

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.