These purchases indicate 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 analyst price targets range from $12 to $49 per share. For deeper insights 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 analyst price targets range from $12 to $49 per share. For deeper insights into 89bio's health and financial growth prospects, including additional exclusive advice, visit the website InvestingPro.
The first deal involved the acquisition of 5,000 shares at $6.55 per share on January 21. The next 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 company with a market capitalization of $815 million.
These purchases indicate continued confidence in 89bio's prospects, as the company continues its work in pharmaceuticals.
In other recent news, 89bio company (Nasdaq:). It has reported significant developments in its operations. The biopharmaceutical company has partnered 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, expected to net approximately $118.4 million. The company also granted restricted stock units to key executives as part of a retention strategy.
Pegozafermin, 89bio's lead candidate, is making progress in clinical trials. HC Wainwright reaffirmed its Buy rating on the company, citing confidence in ENTRUST's Phase 3 study of pegosafermin for severe hypertriglyceridemia, with high-level data expected in 2025. The company also announced new results from the Phase 2 trial b ENLIVEN's drug pegosafermin in 2025. Patients with steatohepatitis associated with metabolic dysfunction, indicating its potential effectiveness in reversing Fibrosis.
These developments come as 89bio continues to develop its lead candidate, pegozafermin, which is currently in advanced clinical trials. The company has also made notable changes in its leadership, appointing Francis Sarina as Chief Operating Officer and Dr. Charles McWhirter to its Board of Directors. Despite these developments, investors should note that 89bio shares have seen weakness recently, with a significant decline over the past year.
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