89bio’s chief technical operations officer sells $226,994 in stock
SAN FRANCISCO—Le-Nguyen Quoc, the Chief Technical Operations Officer at 89bio, Inc. (NASDAQ:), sold 27,955 shares of the company’s common stock on October 30, 2024. The shares were sold at a weighted average price of $8.12, with individual transaction prices ranging from $8.00 to $8.25. This transaction, executed under a Rule 10b5-1 trading plan adopted on July 1, 2024, resulted in a total sale value of $226,994. Following the transaction, Quoc retains ownership of 187,796 shares in the company.
In other recent news, biotechnology firm Nanobiotix has appointed Dr. Margaret A. Liu and Ms. Anat Naschitz as observers to its Supervisory Board. Their expertise in vaccines, gene therapy, cancer immunotherapy, and life science investment is expected to contribute to the company’s strategic vision and growth. Meanwhile, 89bio, a clinical-stage biopharmaceutical company, has announced significant changes in its executive team. The company appointed Francis Sarena as Chief Operating Officer and welcomed Dr. Charles McWherter to its Board of Directors.
These recent developments come as 89bio advances its Phase 3 trials for its lead candidate, pegozafermin. Analysts have also provided their perspectives on 89bio, with UBS maintaining a Buy rating, Evercore ISI reducing the price target due to projected expenses, RBC Capital Markets cutting the price target while maintaining a Sector Perform rating, and H.C. Wainwright lowering its target but sustaining a Buy rating.
All these changes underscore the ongoing development and strategic shifts within both Nanobiotix and 89bio as they continue to advance their respective therapeutic platforms.
InvestingPro Insights
As we delve deeper into 89bio, Inc.’s (NASDAQ:ETNB) financial landscape, InvestingPro data reveals some intriguing insights that complement the recent insider transaction. The company’s market capitalization stands at $957.43 million, reflecting its current position in the biotech sector.
One of the key InvestingPro Tips highlights that 89bio holds more cash than debt on its balance sheet, which could be seen as a positive sign for the company’s financial health. This aligns with another tip indicating that liquid assets exceed short-term obligations, potentially providing the company with financial flexibility as it navigates the challenging biotech landscape.
However, it’s worth noting that 89bio is quickly burning through cash, according to another InvestingPro Tip. This could explain the recent insider sale by the Chief Technical Operations Officer, as the company may be facing financial pressures. The company’s adjusted operating income for the last twelve months stands at -$191.26 million, underscoring the significant cash burn rate.
Despite these challenges, there are some positive signals. Three analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company’s near-term prospects. Additionally, the stock’s fair value based on analyst targets is $29.5, significantly higher than its previous closing price of $7.78.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for 89bio, providing a deeper understanding of the company’s financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
