SAN FRANCISCO—Le-Nguyen Quoc, Chief Technical Operations Officer at 89bio, Inc. (NASDAQ: ), sold approximately $71,149 worth of stock, according to its most recent filing with the SEC. The transaction comes as the stock trades near a 52-week low of $5.99, with InvestingPro data shows that the stock has fallen by more than 46% in the past year. The transaction, executed on January 15, involved the sale of 10,963 common shares at a weighted average price of $6.49 per share. The shares were sold under a Rule 10b5-1 trading plan, which was adopted on July 1, 2024. Following this transaction, Quoc retains ownership of 271,833 shares in the company.
The sale was made at prices ranging from $6.36 to $6.60 per share. This strategic move, supported by a predetermined trading plan, ensures compliance with insider trading regulations while allowing executives to manage their equity positions.
In other recent news, 89bio, Inc. experienced several significant developments. The biopharmaceutical company reported significant progress in its Phase 2b ENLIVEN trial of pegosafermin, a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH). The trial showed high statistical significance of the primary histological endpoints, indicating the potential efficacy of pegosafermin in reversing fibrosis and preventing progression to cirrhosis in patients with advanced MASH.
The company also issued restricted stock units (RSUs) to top executives, including the director Medical (TASE:) Officer Hank Mansbach, Chief Technical Operations Officer Quoc Le-Nguyen and Chief Financial Officer Ryan Martins, as part of a retention strategy. RSUs will be vested over a period of two years, depending on the further work of the executives in the company.
In financial news, 89bio announced a major public offering and issuance of pre-funded warrants in partnership with Goldman Sachs & Co. LLC, Leerink Partners LLC and Evercore Group LLC. The company has agreed to sell more than 11 million shares of common stock and issue pre-funded warrants for more than 3 million shares, with expected net proceeds of approximately $118.4 million.
In terms of leadership, 89bio appointed Francis Sarena as Chief Operating Officer and Dr. Charles McWherter to its Board of Directors. In terms of analyst ratings, UBS maintained a Buy rating at 89bio, while Evercore ISI and others adjusted their price targets due to anticipated costs. These recent events highlight 89bio’s ongoing operations and strategic initiatives.
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