Beta Bionics (NASDAQ:BBNX) Sets New 12-Month High - Here's What Happened

Key Points

• Beta Bionics shares reached a new 52-week high at $24.52, with a recent trading price of $24.49, reflecting significant investor interest.
• Analyst Ratings are generally positive, with one Strong Buy and multiple Buy ratings, while the consensus price target is $22.56.
• Insiders have sold nearly 49,000 shares in recent months, raising potential concerns about their confidence in the company's future performance.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $24.52 and last traded at $24.49, with a volume of 378117 shares. The stock had previously closed at $23.13.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BBNX. 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. Wolfe Research began coverage on Beta Bionics in a research note on Friday, May 30th. They issued an "outperform" rating and a $20.00 target price on the stock. Truist Financial raised their target price on Beta Bionics from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Lake Street Capital assumed coverage on Beta Bionics in a research report on Thursday, June 12th. They set a "buy" rating and a $30.00 price objective on the stock. Finally, The Goldman Sachs Group assumed coverage on Beta Bionics in a research report on Friday, May 30th. They set a "neutral" rating and a $16.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.56.

Beta Bionics Price Performance

The business has a 50-day moving average price of $16.70 and a 200 day moving average price of $15.25.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, topping analysts' consensus estimates of ($0.51) by $0.12. The company had revenue of $23.24 million during the quarter, compared to the consensus estimate of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Buying and Selling at Beta Bionics

In other news, CFO Stephen Feider sold 1,462 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $18.86, for a total value of $27,573.32. Following the completion of the transaction, the chief financial officer owned 44,041 shares in the company, valued at $830,613.26. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Hopman sold 11,411 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $20.56, for a total value of $234,610.16. Following the sale, the insider directly owned 31,215 shares in the company, valued at $641,780.40. This trade represents a 26.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,901 shares of company stock worth $894,710.

Institutional Investors Weigh In On Beta Bionics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC purchased a new stake in Beta Bionics during the first quarter valued at $60,307,000. Wellington Management Group LLP bought a new stake in Beta Bionics during the first quarter valued at approximately $47,346,000. Sands Capital Ventures LLC bought a new stake in Beta Bionics during the first quarter valued at approximately $37,990,000. Omega Fund Management LLC bought a new stake in Beta Bionics during the first quarter valued at approximately $24,337,000. Finally, Divisadero Street Capital Management LP purchased a new position in shares of Beta Bionics during the 2nd quarter worth $13,817,000.

Beta Bionics Company Profile

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.