Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 89bio Inc shares valued at $575,153 were sold by PALEKAR ROHAN on Apr 01 ’24. At $10.91 per share, PALEKAR ROHAN sold 52,718 shares. The insider’s holdings dropped to 459,171 shares worth approximately $4.21 million following the completion of this transaction.
Also, RA CAPITAL MANAGEMENT, L.P. purchased 1,350,000 shares, netting a total of over 20,722,500 in proceeds. Following the buying of shares at $15.35 each, the insider now holds 12,431,584 shares.
Before that, PALEKAR ROHAN had sold 4,477 shares from its account. In a trade valued at $48,173, the Chief Executive Officer traded 89bio Inc shares for $10.76 each. Upon closing the transaction, the insider’s holdings decreased to 4,477 shares, worth approximately $4.46 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. Analysts at Oppenheimer downgraded the stock from ‘”an Outperform”‘ to ‘”a Perform”‘ outlook in a report released in early October. As of August 28, 2023, UBS has initiated its “Buy” rating for ETNB. Earlier on June 13, 2023, Evercore ISI initiated its rating. Their recommendation was “an Outperform” for ETNB stock.
Analyzing ETNB Stock Performance
During the last five days, there has been a drop of approximately -13.09%. Over the course of the year, 89bio Inc shares have dropped approximately -17.99%. Shares of the company reached a 52-week high of $16.63 on 03/04/24 and a 52-week low of $7.47 on 02/06/24. A 50-day SMA is recorded $10.97, while a 200-day SMA reached $12.23. Nevertheless, trading volume fell to 0.69 million shares from 0.55 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 8.99, which, if violated, would cause prices to drop to 8.83. In the upper region, resistance lies at 9.45. The next price resistance is at 9.74. RSI (Relative Strength Index) is 31.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.05, which suggests the price will decrease in the coming days. Percent R is at 98.25%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
