89bio (NASDAQ:ETNB) Trading Down 4.5% – Should You Sell?

21 Dec 2024, 12:05 by Amy Steele · The Cerbat Gem

89bio, Inc. (NASDAQ:ETNB – Get Free Report) shares fell 4.5% during mid-day trading on Thursday . The company traded as low as $7.24 and last traded at $7.27. 167,442 shares were traded during trading, a decline of 82% from the average session volume of 947,330 shares. The stock had previously closed at $7.61.

Analyst Ratings Changes

A number of research firms have weighed in on ETNB. Raymond James raised shares of 89bio to a “strong-buy” rating in a research report on Thursday, December 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Finally, HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

Check Out Our Latest Stock Report on ETNB

89bio Stock Up 12.9 %

The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm’s fifty day moving average price is $8.45 and its two-hundred day moving average price is $8.35. The stock has a market cap of $842.64 million, a price-to-earnings ratio of -2.73 and a beta of 1.12.

Insider Buying and Selling

In other 89bio news, CEO Rohan Palekar acquired 5,000 shares of 89bio stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the completion of the acquisition, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles Mcwherter bought 10,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average cost 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 ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 25,000 shares of company stock valued at $202,950. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ETNB. Quest Partners LLC boosted its holdings in 89bio by 226.2% during the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock worth $65,000 after purchasing an additional 5,626 shares during the last quarter. 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. increased its position in shares of 89bio by 76.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after acquiring an additional 8,810 shares during the last quarter. Intech Investment Management LLC bought a new stake in 89bio during the third quarter worth $160,000. Finally, SG Americas Securities LLC purchased a new position in 89bio in the second quarter worth $203,000.

89bio Company Profile

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