Beta Bionics (NASDAQ:BBNX) Hits New 52-Week High - Time to Buy?

Key Points

• Beta Bionics' share price reached a new 52-week high of $26.66 and last traded at $26.00, with a trading volume of 38,828 shares.
• Analysts have mixed opinions on the stock, with ratings ranging from a "Strong Buy" to "neutral," and a consensus price target of $22.56.
• The company exceeded earnings expectations by reporting ($0.39) EPS against a consensus of ($0.51), along with a revenue of $23.24 million for the last quarter.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as $26.66 and last traded at $26.00, with a volume of 38828 shares changing hands. The stock had previously closed at $26.41.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Beta Bionics in a report on Friday, May 30th. They issued a "neutral" rating and a $16.00 target price on the stock. Lake Street Capital assumed coverage on Beta Bionics in a report on Thursday, June 12th. They issued a "buy" rating and a $30.00 target price on the stock. Wolfe Research assumed coverage on Beta Bionics in a report on Friday, May 30th. They set an "outperform" rating and a $20.00 price target on the stock. Robert W. Baird set a $17.00 price target on Beta Bionics and gave the company a "neutral" rating in a report on Wednesday, July 30th. Finally, Truist Financial boosted their price target on Beta Bionics from $18.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.56.

Beta Bionics Trading Down 2.7%

The firm has a fifty day simple moving average of $16.70 and a 200-day simple moving average of $15.22.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate 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 Activity

In other news, insider Mark Hopman sold 16,158 shares of the firm'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 in the company, valued at $566,932.52. This trade represents a 32.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Stephen Feider sold 5,587 shares of Beta Bionics stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $17.03, for a total value of $95,146.61. Following the transaction, the chief financial officer owned 45,503 shares of the company's stock, valued at $774,916.09. The trade was a 10.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,901 shares of company stock valued at $894,710 in the last 90 days.

Hedge Funds Weigh In On Beta Bionics

A number of hedge funds and other institutional investors have recently bought and sold shares of BBNX. Eventide Asset Management LLC acquired a new stake in shares of Beta Bionics in the first quarter valued at approximately $60,307,000. Wellington Management Group LLP acquired a new stake in shares of Beta Bionics in the first quarter valued at approximately $47,346,000. Soleus Capital Management L.P. raised its position in shares of Beta Bionics by 12.5% in the second quarter. Soleus Capital Management L.P. now owns 3,820,158 shares of the company's stock valued at $55,622,000 after buying an additional 424,817 shares in the last quarter. Sands Capital Alternatives LLC raised its position in shares of Beta Bionics by 15.0% in the second quarter. Sands Capital Alternatives LLC now owns 3,570,113 shares of the company's stock valued at $51,981,000 after buying an additional 466,331 shares in the last quarter. Finally, Sands Capital Ventures LLC acquired a new stake in shares of Beta Bionics in the first quarter valued at approximately $37,990,000.

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.

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