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

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) shares hit a new 52-week high on Monday . The company traded as high as $26.66 and last traded at $26.00, with a volume of 38828 shares. The stock had previously closed at $26.41.

Wall Street Analysts Forecast Growth

BBNX has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on Beta Bionics in a research note on Friday, May 30th. They issued a "neutral" rating and a $16.00 target price for the company. Lake Street Capital initiated coverage on Beta Bionics in a research report on Thursday, June 12th. They issued a "buy" rating and a $30.00 price objective for the company. Wolfe Research initiated coverage on shares of Beta Bionics in a report on Friday, May 30th. They set an "outperform" rating and a $20.00 price target for the company. Truist Financial upped their price objective on shares of Beta Bionics from $18.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Robert W. Baird set a $17.00 price target on Beta Bionics and gave the company a "neutral" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $22.56.

Beta Bionics Stock Performance

The stock has a 50 day moving average of $17.52 and a 200-day moving average of $15.38.

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 for the quarter, topping analysts' consensus estimates of ($0.51) by $0.12. The firm 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

In other news, insider Mark Hopman sold 16,158 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $16.61, for a total value of $268,384.38. Following the transaction, the insider owned 34,132 shares of the company's stock, valued at approximately $566,932.52. The trade was a 32.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Stephen Feider sold 5,587 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $17.03, for a total transaction of $95,146.61. Following the completion of the transaction, the chief financial officer directly owned 45,503 shares in the company, valued at $774,916.09. This trade represents a 10.94% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,901 shares of company stock worth $894,710.

Institutional Trading of Beta Bionics

Several hedge funds have recently bought and sold shares of BBNX. Eventide Asset Management LLC purchased a new stake in shares of Beta Bionics in the first quarter worth about $60,307,000. Wellington Management Group LLP purchased a new stake in shares of Beta Bionics during the 1st quarter worth approximately $47,346,000. Soleus Capital Management L.P. raised its holdings in shares of Beta Bionics by 12.5% during the 2nd quarter. Soleus Capital Management L.P. now owns 3,820,158 shares of the company's stock worth $55,622,000 after acquiring an additional 424,817 shares in the last quarter. Sands Capital Alternatives LLC raised its holdings in shares of Beta Bionics by 15.0% during the 2nd quarter. Sands Capital Alternatives LLC now owns 3,570,113 shares of the company's stock worth $51,981,000 after acquiring an additional 466,331 shares in the last quarter. Finally, Sands Capital Ventures LLC purchased a new stake in Beta Bionics during the first quarter valued at $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.