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Why is 89 Bio Inc (ETNB) Stock down?

We've noticed a 7.00% decline in 89 Bio Inc (ETNB) stock during the 2024-06-26 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
10 Oct, 2023:

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.
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