89bio, Inc. (NASDAQ:ETNB – Get Rating) fell 5.2% on Friday following insider selling activity. The company traded as low as $11.58 and last traded at $11.58. 34,720 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,181,226 shares. The stock had previously closed at $12.21.
Specifically, CFO Ryan Martins sold 5,947 shares of 89bio stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $12.51, for a total transaction of $74,396.97. Following the completion of the sale, the chief financial officer now directly owns 36,368 shares of the company's stock, valued at approximately $454,963.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Ryan Martins sold 5,947 shares of the business's stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $12.51, for a total transaction of $74,396.97. Following the sale, the chief financial officer now owns 36,368 shares of the company's stock, valued at approximately $454,963.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ra Capital Management, L.P. bought 1,172,741 shares of 89bio stock in a transaction that occurred on Tuesday, October 18th. The stock was bought at an average cost of $7.65 per share, for a total transaction of $8,971,468.65. Following the purchase, the director now owns 8,955,410 shares in the company, valued at approximately $68,508,886.50. The disclosure for this purchase can be found here. Company insiders own 11.80% of the company's stock.
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Analyst Upgrades and Downgrades
Several equities research analysts have commented on ETNB shares. Royal Bank of Canada dropped their price target on shares of 89bio from $35.00 to $29.00 and set an "outperform" rating on the stock in a research note on Friday, November 11th. Raymond James raised their price objective on shares of 89bio from $14.00 to $25.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, September 14th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $34.00 price objective (up previously from $27.00) on shares of 89bio in a research note on Monday, November 14th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $25.25.
89bio Price Performance
The company's fifty day moving average is $9.69 and its two-hundred day moving average is $6.69. The firm has a market capitalization of $537.04 million, a price-to-earnings ratio of -2.65 and a beta of 0.89. The company has a quick ratio of 5.81, a current ratio of 5.81 and a debt-to-equity ratio of 0.08.
Institutional Investors Weigh In On 89bio
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new position in shares of 89bio in the 3rd quarter valued at about $34,000. Acadian Asset Management LLC acquired a new stake in 89bio in the 1st quarter worth about $34,000. Captrust Financial Advisors acquired a new stake in 89bio in the 3rd quarter worth about $60,000. Rhumbline Advisers acquired a new stake in 89bio in the 1st quarter worth about $42,000. Finally, Mirabella Financial Services LLP acquired a new stake in 89bio in the 1st quarter worth about $43,000. 87.78% of the stock is currently owned by institutional investors and hedge funds.
About 89bio
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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.
Further Reading
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