These purchases signal continued confidence in 89bio’s prospects as the company continues its work in pharmaceuticals. The company maintains a strong balance sheet with more cash than debt, and analysts’ price targets range from $12 to $49 per share. For a deeper look into 89bio’s financial health and growth prospects, including additional exclusive advice, visit InvestingPro. The company maintains a strong balance sheet with more cash than debt, and analysts’ price targets range from $12 to $49 per share. For a deeper look into 89bio’s financial health and growth prospects, including additional exclusive advice, visit InvestingPro.
The first transaction involved the acquisition of 5,000 shares at $6.55 per share on January 21st. The next day, McWherter bought 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 stake in the company to 25,000 shares in the $815 million market capitalization company.
These purchases signal continued confidence in 89bio’s prospects as the company continues its work in pharmaceuticals.
In other recent news, 89bio Inc (NASDAQ:). reported significant developments in his business. The biopharmaceutical company entered into a partnership with Goldman Sachs & Co. LLC, Leerink Partners LLC and Evercore Group LLC to sell more than 11 million shares of common stock and issue pre-funded warrants, expecting net proceeds of approximately $118.4 million. The company also granted restricted stock units to key executives as part of its retention strategy.
89bio’s lead candidate, pegosafermin, is advancing in clinical trials. HC Wainwright reiterated its Buy rating on the company, citing confidence in ENTRUST’s phase 3 study of pegosafermin for severe hypertriglyceridemia, with top-line data expected in 2025. The company also announced new findings from the phase 2b ENLIVEN trial of pegosafermin in patients with steatohepatitis associated with metabolic dysfunction, indicating its potential efficacy in fibrosis reversal.
This development comes as 89bio continues to advance its lead candidate, pegosafermin, which is currently in advanced clinical trials. The company also made significant changes in its leadership, appointing Francis Sarena as COO and Dr. Charles McWherter to the Board of Directors. Despite these advances, investors should note that 89bio shares have weakened recently, with a significant decline over the past year.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
