24/7 Market News Snapshot 27 January, 2025 – 89bio, Inc. Common Stock (NASDAQ:ETNB)

January 27, 2025

DENVER, Colo., 27 January, 2025 (247marketnews.com) – (Nasdaq:ETNB) are discussed in this article.
89bio, Inc. (Nasdaq:ETNB), a clinical-stage biopharmaceutical company focused on therapies for liver and cardiometabolic diseases, has announced the initiation of an underwritten public offering of its common stock, aiming to raise approximately $250 million. Notably, this offering includes pre-funded warrants for select investors. The company is also providing underwriters with a 30-day option to purchase an additional $37.5 million in common stock, contingent on market conditions.

This fundraising initiative comes as 89bio seeks to bolster its clinical activities and further develop its lead candidate, pegozafermin, which is currently in Phase 3 trials for metabolic dysfunction-associated steatohepatitis and severe hypertriglyceridemia. Pegozafermin is distinguished by its innovative design as a fibroblast growth factor 21 analog, featuring glycoPEGylated technology that aims to enhance its biological efficacy with a prolonged half-life.

Following vibrant market activity, 89bio’s stock opened at $10.60 today, reflecting a robust bullish momentum with an initial surge of approximately 15.92%. However, the stock has since retreated to a trading price of $8.27, indicating a pullback from its earlier gains. The trading volume has reached 26.03 million shares, suggesting increased investor engagement and a potentially volatile trading environment. Traders are advised to pay attention to technical indicators which suggest a support level around $8.00, while resistance may be found near $10.50, as movements in the stock warrant close monitoring for optimal trading strategies.

The offering has been underwritten by leading financial firms, including Goldman Sachs & Co. LLC, Leerink Partners, and BofA Securities, with the intent to utilize the proceeds to enhance development initiatives for 89bio’s promising therapeutic options, thereby reinforcing its position in the competitive biopharmaceutical sector.

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