These purchases signal continued confidence in 89bio's prospects, as the company continues its work in pharmaceutical preparations. The company maintains a strong balance sheet with more cash than debt, and analyst price targets range from $12 to $49 per share. For deeper insights into 89bio's financial health and growth prospects, including additional exclusive tips, visit InvestingPro. The company maintains a strong balance sheet with more cash than debt, and analyst price targets range from $12 to $49 per share. For deeper insights into 89bio's financial health and growth prospects, including additional exclusive tips, visit InvestingPro.
The first transaction involved the acquisition of 5,000 shares at $6.55 per share on January 21. The following day, McWherter purchased an additional 10,000 shares at a weighted average price of $6.71 per share, with individual transaction prices ranging from $6.70 to $6.72. This brings McWherter's total holdings in the company to 25,000 shares in the $815 million market cap company.
These purchases signal continued confidence in 89bio's prospects, as the company continues its work in pharmaceutical preparations.
In other recent news, 89bio Inc (NASDAQ:ETNB). has reported significant developments in its operations. The biopharmaceutical company has partnered with Goldman Sachs & Co. LLC, Leerink Partners LLC, and Evercore Group L.L.C. to sell over 11 million shares of common stock and issue pre-funded warrants, expecting to net approximately $118.4 million. The company has also granted restricted stock units to key executives as part of a retention strategy.
89bio's lead candidate, pegozafermin, is making progress in clinical trials. H.C. Wainwright has reiterated its Buy rating for the company, citing confidence in the Phase 3 ENTRUST study of pegozafermin for severe hypertriglyceridemia, with top-line data expected in 2025. The company has also announced new findings from the Phase 2b ENLIVEN trial of pegozafermin in patients with metabolic dysfunction-associated steatohepatitis, suggesting its potential effectiveness in reversing fibrosis.
These developments come as 89bio continues to advance its lead candidate, pegozafermin, currently in advanced clinical trials. The company has also made notable changes in its leadership, appointing Francis Sarena as Chief Operating Officer and Dr. Charles McWherter to its Board of Directors. Despite these advancements, investors should note that 89bio's stock has seen recent weakness, with a significant drop over the past year.
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