89bio (NASDAQ:ETNB) Reaches New 12-Month Low – Should You Sell?

89bio, Inc. (NASDAQ:ETNB) shares hit a new 52-week low during trading on Friday . The company traded as low as $5.90 and last traded at $6.03, with a volume of 1083514 shares changing hands. The stock had previously closed at $6.86.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $21.00 price objective (down from $29.00) on shares of 89bio in a report on Friday, February 28th. The Goldman Sachs Group started coverage on 89bio in a research note on Friday, March 14th. They issued a “neutral” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Thursday, January 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Saturday, March 22nd. Finally, Wolfe Research initiated coverage on shares of 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $27.56.

89bio Price Performance

The firm has a market capitalization of $842.33 million, a PE ratio of -1.98 and a beta of 1.25. 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 business’s 50 day moving average is $9.16 and its two-hundred day moving average is $8.37.

89bio (NASDAQ:ETNB) last issued its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.42). As a group, research analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current year.

Insiders Place Their Bets

In other 89bio news, Director Charles Mcwherter purchased 5,000 shares of 89bio stock in a transaction that occurred on Tuesday, January 21st. The shares were bought at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $98,250. This trade represents a 50.00 % 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. Also, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the stock in a transaction on Thursday, January 30th. The shares were acquired at an average cost of $8.75 per share, with a total value of $49,999,993.75. Following the transaction, the director now directly owns 19,554,319 shares in the company, valued at $171,100,291.25. The trade was a 41.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 89bio

Several hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. boosted its holdings in 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after acquiring an additional 4,236 shares in the last quarter. Quarry LP bought a new stake in shares of 89bio during the 4th quarter valued at about $55,000. Kingswood Wealth Advisors LLC purchased a new position in shares of 89bio during the fourth quarter valued at about $86,000. Hsbc Holdings PLC bought a new position in 89bio in the fourth quarter worth about $87,000. Finally, Sandia Investment Management LP lifted its holdings in 89bio by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after buying an additional 2,500 shares during the period.

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.