Beta Bionics (NASDAQ:BBNX) Trading Down 5.9% - Here's What Happened

Key Points

• Beta Bionics' shares fell by 5.9% during recent trading to $23.82, with a significant decline in trading volume.
• Analysts have differing views on the stock, with price targets ranging from $16.00 to $30.00, and an average target price of $22.56.
• Insiders sold a total of 48,901 shares in the past ninety days, indicating potential concerns about the company's outlook.

Shares of Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) fell 5.9% during mid-day trading on Tuesday . The company traded as low as $23.67 and last traded at $23.82. 143,716 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 542,895 shares. The stock had previously closed at $25.31.

Analyst Ratings Changes

BBNX has been the subject of several research analyst reports. Truist Financial raised their price objective on shares of Beta Bionics from $18.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wolfe Research began coverage on Beta Bionics in a report on Friday, May 30th. They issued an "outperform" rating and a $20.00 price objective for the company. Robert W. Baird set a $17.00 price objective on Beta Bionics and gave the company a "neutral" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group started coverage on shares of Beta Bionics in a report on Friday, May 30th. They set a "neutral" rating and a $16.00 target price on the stock. Finally, Lake Street Capital began coverage on shares of Beta Bionics in a research note on Thursday, June 12th. They issued a "buy" rating and a $30.00 price target for the company. 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, the stock has an average rating of "Moderate Buy" and an average target price of $22.56.

Beta Bionics Stock Down 2.6%

The firm's 50 day moving average price is $17.72 and its 200-day moving average price is $15.40.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Activity

In other news, CFO Stephen Feider sold 1,462 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.86, for a total transaction of $27,573.32. Following the completion of the transaction, the chief financial officer directly owned 44,041 shares of the company's stock, 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 at the SEC website. Also, insider Mark Hopman sold 11,411 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $20.56, for a total transaction of $234,610.16. Following the transaction, the insider owned 31,215 shares in the company, valued at approximately $641,780.40. This trade represents a 26.77% 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 over the last quarter.

Institutional Trading of Beta Bionics

A number of hedge funds have recently bought and sold shares of BBNX. Soleus Capital Management L.P. boosted its position in 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 worth $55,622,000 after purchasing an additional 424,817 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Beta Bionics in the 2nd quarter worth approximately $3,556,000. Bank of America Corp DE lifted its stake in shares of Beta Bionics by 17.4% in the 2nd quarter. Bank of America Corp DE now owns 72,245 shares of the company's stock worth $1,052,000 after purchasing an additional 10,687 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Beta Bionics in the second quarter worth approximately $3,150,000. Finally, Quantinno Capital Management LP bought a new stake in Beta Bionics during the second quarter valued at approximately $288,000.

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.