89 Bio Inc (ETNB)

89 Bio Inc. Stock (ETNB) dropped by 37.06% from $15.53 to $9.78 in the trading on Tuesday October 10, 2023. The reasons why ETNB stock down today include

• Bad news from its peer: The healthcare company Akero Therapeutics released disappointing trial data for a nonalcoholic steatohepatitis (NASH) therapy that is similar to one that 89bio is developing.
• Second-quarter result: 89bio had no revenue, a net loss of $34.9 million, and ended the period with $478 million in cash. At its current burn rate, the company should be able to fund operations for at least another three years.