Beta Bionics (NASDAQ:BBNX) Stock Price Up 8.6% – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX)’s stock price rose 8.6% during mid-day trading on Friday . The company traded as high as $22.26 and last traded at $22.26. Approximately 47,487 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 598,121 shares. The stock had previously closed at $20.49.

Wall Street Analyst Weigh In

BBNX has been the topic of a number of analyst reports. The Goldman Sachs Group set a $26.00 price target on Beta Bionics and gave the company a “buy” rating in a report on Wednesday. Lake Street Capital started coverage on Beta Bionics in a research note on Thursday, June 12th. They set a “buy” rating and a $30.00 target price on the stock. Truist Financial boosted their target price on Beta Bionics from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Robert W. Baird set a $17.00 target price on Beta Bionics and gave the stock a “neutral” rating in a research note on Wednesday, July 30th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Beta Bionics in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Beta Bionics has a consensus rating of “Moderate Buy” and an average target price of $24.44.

Beta Bionics Stock Up 8.6%

The company has a fifty day moving average price of $19.21 and a 200-day moving average price of $15.78.

Beta Bionics (NASDAQ:BBNX) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.12. The company had revenue of $23.24 million during the quarter, compared to analyst estimates of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Transactions at Beta Bionics

In related news, insider Mark Hopman sold 16,158 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total value of $268,384.38. Following the completion of the transaction, the insider owned 34,132 shares of the company’s stock, valued at approximately $566,932.52. This represents a 32.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen Feider sold 15,018 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $20.76, for a total value of $311,773.68. Following the completion of the transaction, the chief financial officer directly owned 44,041 shares of the company’s stock, valued at $914,291.16. The trade was a 25.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 63,919 shares of company stock valued at $1,206,483 in the last ninety days.

Institutional Investors Weigh In On Beta Bionics

Several large investors have recently bought and sold shares of BBNX. Eventide Asset Management LLC purchased a new stake in Beta Bionics during the 1st quarter worth approximately $60,307,000. Wellington Management Group LLP purchased a new stake in Beta Bionics during the 1st quarter worth approximately $47,346,000. Sands Capital Ventures LLC purchased a new stake in shares of Beta Bionics in the first quarter valued at approximately $37,990,000. Omega Fund Management LLC purchased a new stake in shares of Beta Bionics in the first quarter valued at approximately $24,337,000. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Beta Bionics in the second quarter valued at approximately $13,817,000.

About Beta Bionics

Beta Bionics, Inc is a commercial-stage medical device company. It engages in the design, development, and commercialization of solutions for insulin-requiring people with diabetes. The company was founded by Edward R. Damiano on October 21, 2015 and is headquartered in Irvine, CA.