89bio (NASDAQ:ETNB) Shares Down 5% – Here’s What Happened

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

Analyst Ratings Changes

Several brokerages have weighed in on ETNB. Raymond James decreased their price objective on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. HC Wainwright reissued a “buy” rating and issued a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a research report on Friday, September 20th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, 89bio currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Trading Down 3.2 %

The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $8.41 and its two-hundred day moving average price is $8.36.

Insider Activity at 89bio

In other news, CEO Rohan Palekar acquired 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The shares were purchased at an average price of $8.35 per share, with a total value of $83,500.00. Following the acquisition, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders bought 25,000 shares of company stock valued at $202,950 in the last ninety days. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Barclays PLC increased its stake in shares of 89bio by 228.9% during the 3rd quarter. Barclays PLC now owns 214,768 shares of the company’s stock worth $1,590,000 after purchasing an additional 149,479 shares during the last quarter. Geode Capital Management LLC increased its holdings in 89bio by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company’s stock valued at $15,358,000 after purchasing an additional 160,356 shares during the period. Sphera Funds Management LTD. raised its stake in 89bio by 1.9% during the third quarter. Sphera Funds Management LTD. now owns 536,547 shares of the company’s stock worth $3,970,000 after buying an additional 10,000 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of 89bio by 186.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 130,894 shares of the company’s stock worth $969,000 after buying an additional 85,230 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of 89bio by 14.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,158,218 shares of the company’s stock worth $112,140,000 after purchasing an additional 1,882,108 shares in 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.