89bio (NASDAQ:ETNB) Stock Price Down 5% – Time to Sell?

89bio, Inc. (NASDAQ:ETNB) shares traded down 5% during trading on Friday . The stock traded as low as $7.45 and last traded at $7.46. 367,504 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 945,100 shares. The stock had previously closed at $7.85.

Analyst Upgrades and Downgrades

ETNB has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price objective on shares of 89bio in a report on Friday, September 20th. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, November 11th. Finally, Raymond James raised shares of 89bio to a “strong-buy” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

89bio Stock Performance

The company has a market capitalization of $816.11 million, a PE ratio of -2.64 and a beta of 1.12. The stock has a 50-day simple moving average of $8.42 and a 200 day simple moving average of $8.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66.

Insider Activity at 89bio

In related news, Director Charles Mcwherter purchased 10,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was bought at an average cost of $8.00 per share, with a total value of $80,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at $80,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rohan Palekar acquired 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the transaction, the chief executive officer now directly owns 471,236 shares of the company’s stock, valued at approximately $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. In the last three months, insiders have acquired 25,000 shares of company stock valued at $202,950. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ETNB. SG Americas Securities LLC acquired a new stake in shares of 89bio during the 2nd quarter worth about $203,000. Raymond James & Associates grew its stake in 89bio by 35.2% in the 2nd quarter. Raymond James & Associates now owns 182,943 shares of the company’s stock worth $1,465,000 after acquiring an additional 47,670 shares during the period. Bank of New York Mellon Corp raised its holdings in 89bio by 20.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 299,689 shares of the company’s stock valued at $2,401,000 after acquiring an additional 50,943 shares during the last quarter. Rhumbline Advisers raised its holdings in 89bio by 26.9% in the 2nd quarter. Rhumbline Advisers now owns 128,944 shares of the company’s stock valued at $1,033,000 after acquiring an additional 27,334 shares during the last quarter. Finally, Candriam S.C.A. lifted its stake in shares of 89bio by 173.6% during the 2nd quarter. Candriam S.C.A. now owns 848,079 shares of the company’s stock worth $6,793,000 after purchasing an additional 538,079 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.