In a recent move by 89bio, Inc., the biopharmaceutical company's Compensation Committee has granted 200,000 restricted stock units (RSUs) to Chief Executive Officer Rohan Palekar. This grant, dated January 31, 2025, comes as the company's stock has shown strong momentum, with a 19% gain in the past week and trading at $10.75. The grant is part of a retention strategy and aligns with similar grants made to other officers in December 2024.
The RSUs are set to vest over a two-year period, with equal semiannual installments, contingent upon Palekar's ongoing service to the company. This executive compensation update follows the company's policies and practices for incentivizing and retaining key leadership. According to InvestingPro data, while the company maintains strong liquidity with a current ratio of 11.66, it faces challenges with cash burn rates.
89bio, Inc., headquartered in San Francisco, California, operates within the pharmaceutical preparations industry under the SIC code 2834. The company, incorporated in Delaware, is listed on the Nasdaq Global Market under the ticker symbol (NASDAQ:ETNB).
The information disclosed in this article is based on statements from a press release filed with the Securities and Exchange Commission.
In other recent news, 89bio Inc . has been the subject of several noteworthy developments. Leerink Partners analyst Thomas Smith has raised the price target for 89bio to $37, following encouraging data from a Phase 2b SYMMETRY study of efruxifermin in NASH patients. The study demonstrated significant fibrosis benefits, leading to an increased probability of success for pegozafermin in F4 NASH to 60% in Leerink's model.
In addition, 89bio recently announced an underwriting agreement with Goldman Sachs & Co. LLC, Leerink Partners LLC, and BofA Securities, Inc. The agreement involves the issuance of over 21 million shares and pre-funded warrants, expected to generate approximately $234.6 million in net proceeds.
Moreover, H.C. Wainwright has reiterated its Buy rating for 89bio, citing confidence in the outcomes of the Phase 3 ENTRUST study of pegozafermin, a treatment for severe hypertriglyceridemia. The study has completed patient enrollment, with top-line data expected in the second half of 2025.
These recent developments highlight the ongoing progress and positive analyst sentiment surrounding 89bio's clinical trials and financial strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.