89bio Inc [ETNB] Chief Executive Officer makes an insider purchase of 50,000 shares worth 0.56 million.

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. 89bio Inc shares valued at $560,000 were sold by PALEKAR ROHAN on Dec 29. At $11.20 per share, PALEKAR ROHAN sold 50,000 shares. The insider’s holdings dropped to 301,225 shares worth approximately $2.98 million following the completion of this transaction.

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Also, LAPORTE KATHLEEN sold 12,500 shares, netting a total of over 235,000 in proceeds. Following the sale of shares at $18.80 each, the insider now holds 0 shares.

Before that, PALEKAR ROHAN had sold 15,000 shares from its account. In a trade valued at $300,000, the Chief Executive Officer traded 89bio Inc shares for $20.00 each. Upon closing the transaction, the insider’s holdings decreased to 15,000 shares, worth approximately $2.84 million.

As published in a research note from RBC Capital Mkts on January 12, 2024, 89bio Inc [ETNB] has been rated down from an Outperform to a Sector perform and the price target has been revised to $15 from $24.

Analyzing ETNB Stock Performance

During the last five days, there has been a drop of approximately -3.32%. Over the course of the year, 89bio Inc shares have dropped approximately -11.37%. Shares of the company reached a 52-week high of $12.10 on 01/10/24 and a 52-week low of $9.85 on 01/31/24. A 50-day SMA is recorded $10.15, while a 200-day SMA reached $14.12. Nevertheless, trading volume fell to 0.89 million shares from 1.24 million shares the previous day.

Support And Resistance Levels for 89bio Inc (ETNB)

According to the 24-hour chart, there is a support level at 9.73, which, if violated, would cause prices to drop to 9.55. In the upper region, resistance lies at 10.20. The next price resistance is at 10.50. RSI (Relative Strength Index) is 40.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.48, which suggests the price will decrease in the coming days. Percent R is at 97.01%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is 89bio Inc subject to short interest?

Stocks of 89bio Inc saw a sharp rise in short interest on Jan 11, 2024 jumping by 2.17 million shares to 8.98 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2023 was 6.81 million shares. A jump of 24.16% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.57 of the overall float, the days-to-cover ratio (short ratio) jumped to 6.57.

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