Beta Bionics (NASDAQ:BBNX) Shares Up 8.4% - Time to Buy?

Key Points

• Beta Bionics' share price increased by 8.4%, reaching a high of $21.90, although the trading volume fell by 54% compared to its average session volume.
• Wall Street analysts have issued a mix of ratings, with one "Strong Buy," seven "Buy," and four "Hold" ratings, resulting in an average price target of $22.56 for the stock.
• Despite insider sales in recent months, institutional investors have shown strong interest, acquiring significant stakes in Beta Bionics during the first quarter.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s share price shot up 8.4% during mid-day trading on Monday . The company traded as high as $21.90 and last traded at $21.89. 242,990 shares were traded during trading, a decline of 54% from the average session volume of 523,056 shares. The stock had previously closed at $20.20.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BBNX. Robert W. Baird set a $17.00 price target on Beta Bionics and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Truist Financial raised their price target on shares of Beta Bionics from $18.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Wolfe Research began coverage on shares of Beta Bionics in a report on Friday, May 30th. They set an "outperform" rating and a $20.00 price target on the stock. The Goldman Sachs Group initiated coverage on shares of Beta Bionics in a research note on Friday, May 30th. They issued 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 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $22.56.

Beta Bionics Trading Up 14.5%

The firm has a fifty day moving average of $15.60 and a 200 day moving average of $15.05.

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

In other Beta Bionics news, insider Mark Hopman sold 16,158 shares of Beta Bionics stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $16.61, for a total value of $268,384.38. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Stephen Feider sold 1,462 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was 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 owned 44,041 shares of the company's stock, valued at $830,613.26. This trade represents a 3.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,572 shares of company stock worth $521,844 over the last three months.

Institutional Investors Weigh In On Beta Bionics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 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 Beta Bionics during the 1st quarter valued at $47,346,000. Sands Capital Ventures LLC acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $37,990,000. Omega Fund Management LLC acquired a new stake in Beta Bionics during the first quarter worth approximately $24,337,000. Finally, Divisadero Street Capital Management LP bought a new position in shares of Beta Bionics in the 2nd quarter worth about $13,817,000.

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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