Beta Bionics (NASDAQ:BBNX) Shares Gap Up - Here's Why

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $19.27, but opened at $19.99. Beta Bionics shares last traded at $19.41, with a volume of 13,434 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Stifel Nicolaus assumed coverage on Beta Bionics in a report on Monday, February 24th. They issued a "buy" rating and a $25.00 price objective on the stock. Leerink Partnrs upgraded Beta Bionics to a "strong-buy" rating in a report on Monday, February 24th. Bank of America assumed coverage on Beta Bionics in a research report on Monday, February 24th. They set a "buy" rating on the stock. Piper Sandler assumed coverage on Beta Bionics in a research report on Monday, February 24th. They set an "overweight" rating and a $26.00 price target on the stock. Finally, Lake Street Capital assumed coverage on Beta Bionics in a research report on Thursday. They set a "buy" rating and a $30.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $23.13.

Beta Bionics Stock Down 2.1%

The stock has a 50-day moving average of $13.92.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.01).

Insider Buying and Selling at Beta Bionics

In other Beta Bionics news, CFO Stephen Feider sold 1,497 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $17.89, for a total value of $26,781.33. Following the transaction, the chief financial officer now directly owns 45,503 shares of the company's stock, valued at $814,048.67. This represents a 3.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 4,519 shares of company stock valued at $80,845 in the last three months.

Hedge Funds Weigh In On Beta Bionics

A number of institutional investors have recently made changes to their positions in the business. Eventide Asset Management LLC bought a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $60,307,000. Wellington Management Group LLP bought a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $47,346,000. Sands Capital Ventures LLC bought a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $37,990,000. Omega Fund Management LLC bought a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $24,337,000. Finally, Driehaus Capital Management LLC bought a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $10,799,000.

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.