89bio (NASDAQ:ETNB) Reaches New 52-Week Low – Should You Sell?

Shares of 89bio, Inc. (NASDAQ:ETNB) hit a new 52-week low during mid-day trading on Saturday . The company traded as low as $6.26 and last traded at $6.51, with a volume of 1116735 shares. The stock had previously closed at $7.35.

Wall Street Analysts Forecast Growth

ETNB has been the subject of a number of recent analyst reports. Raymond James upgraded 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 target on shares of 89bio in a report on Thursday, January 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Two investment 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.33.

89bio Stock Performance

The company has a market cap of $690.88 million, a price-to-earnings ratio of -2.24 and a beta of 1.14. The firm’s 50 day simple moving average is $8.32 and its 200-day simple moving average is $8.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

Insider Buying and Selling

In other news, CEO Rohan Palekar bought 5,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the acquisition, the chief executive officer now directly owns 471,236 shares of the company’s stock, valued at $3,718,052.04. This trade represents a 1.07 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles Mcwherter purchased 10,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were purchased at an average price of $8.00 per share, with a total value of $80,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $80,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 25,000 shares of company stock worth $202,950. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On 89bio

Hedge funds have recently modified their holdings of the business. Quest Partners LLC lifted its position in 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company’s stock valued at $65,000 after buying an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of 89bio in the 2nd quarter valued at approximately $66,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock worth $151,000 after acquiring an additional 8,810 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of 89bio during the 3rd quarter worth approximately $160,000. Finally, SG Americas Securities LLC increased its holdings in 89bio by 21.4% in the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company’s stock valued at $227,000 after purchasing an additional 5,421 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.