SAN FRANCISCO—Charles McWherter, a director at 89bio, Inc. (NASDAQ:ETNB), recently acquired 10,000 shares of the company's common stock. The purchase, valued at approximately $80,000, was executed on December 5, 2024, at a weighted average price of $8.00 per share. The shares were bought in multiple transactions with prices ranging from $7.99 to $8.00. The timing is notable as the stock has declined about 14.5% over the past week, according to InvestingPro data.
Following this transaction, McWherter holds a direct ownership of 10,000 shares of 89bio, a company currently valued at approximately $949 million. This acquisition reflects McWherter's continued interest in the company, which operates in the pharmaceutical preparations sector and maintains a strong liquidity position with a current ratio of 11.66. The transaction was filed with the Securities and Exchange Commission on December 9, 2024. InvestingPro analysis suggests the stock is currently undervalued, with analyst price targets ranging from $12 to $49 per share. Get access to the full analysis and 10+ additional ProTips with an InvestingPro subscription.
In other recent news, 89bio, Inc. has reported notable progress in the Phase 2b ENLIVEN trial of pegozafermin for patients with metabolic dysfunction-associated steatohepatitis (MASH) and advanced fibrosis. The company's ongoing Phase 3 trials for pegozafermin are expected to yield results in 2025. Moreover, 89bio has announced a significant public offering and the issuance of pre-funded warrants in collaboration with Goldman Sachs (NYSE:GS) & Co. LLC, Leerink Partners LLC, and Evercore Group L.L.C. The net proceeds from this offering are anticipated to be approximately $118.4 million.
In leadership changes, 89bio has welcomed Francis Sarena as Chief Operating Officer and Dr. Charles McWherter to its Board of Directors. On the analyst front, UBS has maintained a Buy rating on 89bio, while Evercore ISI and others have adjusted their price targets due to projected expenses. These are recent developments as 89bio continues to advance pegozafermin, a potential breakthrough treatment for MASH.
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