SAN FRANCISCO—Le-Nguyen Quoc, the Chief Technical Operations Officer at 89bio, Inc. (NASDAQ:ETNB), has sold shares worth approximately $71,149, according to a recent SEC filing. The transaction comes as the stock trades near its 52-week low of $5.99, with InvestingPro data showing the stock has declined over 46% in the past year. The transaction, executed on January 15, involved the sale of 10,963 shares of common stock 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 conducted at prices ranging from $6.36 to $6.60 per share. This strategic move, facilitated by a pre-established trading plan, ensures compliance with insider trading regulations while allowing executives to manage their equity positions.
In other recent news, 89bio, Inc. has experienced several notable developments. The biopharmaceutical company reported significant progress in their Phase 2b ENLIVEN trial of pegozafermin, a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH). The trial demonstrated high statistical significance on primary histology endpoints, suggesting pegozafermin's potential effectiveness in reversing fibrosis and preventing progression to cirrhosis in patients with advanced MASH.
The company also issued retention restricted stock units (RSUs) to top executives, including Chief Medical (TASE:PMCN) Officer Hank Mansbach, Chief Technical Operations Officer Quoc Le-Nguyen, and Chief Financial Officer Ryan Martins, as part of a retention strategy. The RSUs are set to vest over a two-year period, contingent on the executives' continued service to the company.
In financial news, 89bio announced a significant public offering and the issuance of pre-funded warrants in partnership with Goldman Sachs (NYSE:GS) & Co. LLC, Leerink Partners LLC, and Evercore Group L.L.C. The company agreed to sell over 11 million shares of common stock and issue pre-funded warrants for more than 3 million shares, with net proceeds expected to be approximately $118.4 million.
On the leadership front, 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 on 89bio, while Evercore ISI and others adjusted their price targets due to projected expenses. These recent developments highlight 89bio's ongoing operations and strategic initiatives.
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