Beta Bionics (NASDAQ:BBNX) Shares Up 8.6% - Here's What Happened

Key Points

• Beta Bionics, Inc. shares increased by 8.6% to $22.26, despite a significant drop in trading volume, with only 47,487 shares exchanged compared to an average of 598,121.
• Analysts hold a consensus rating of "Moderate Buy" with price targets ranging from $17.00 to $30.00, indicating potential growth for the stock.
• Insider transactions show notable activity, including significant sales by the CFO and another insider, suggesting possible changes in confidence or strategy within the company.

Shares of Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) shot up 8.6% on Friday . The stock traded as high as $22.26 and last traded at $22.26. 47,487 shares changed hands during trading, a decline of 92% from the average session volume of 598,121 shares. The stock had previously closed at $20.49.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BBNX. Lake Street Capital began coverage on shares of Beta Bionics in a research report on Thursday, June 12th. They set a "buy" rating and a $30.00 price target on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Beta Bionics in a research report on Saturday, September 27th. The Goldman Sachs Group set a $26.00 price target on shares of Beta Bionics and gave the company a "buy" rating in a research report on Wednesday. Robert W. Baird set a $17.00 price target on shares of Beta Bionics and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Finally, Truist Financial boosted their price target on shares of Beta Bionics from $21.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.44.

Beta Bionics Stock Performance

The company's 50-day moving average price is $19.21 and its 200-day moving average price is $15.78.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last issued 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 business had revenue of $23.24 million for the quarter, compared to analyst estimates of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Transactions at Beta Bionics

In other news, insider Mark Hopman sold 11,411 shares of the company's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $20.56, for a total transaction of $234,610.16. Following the completion of the transaction, the insider directly owned 31,215 shares of the company's stock, valued at approximately $641,780.40. This represents a 26.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Stephen Feider sold 15,018 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $20.76, for a total transaction of $311,773.68. Following the completion of the transaction, the chief financial officer owned 44,041 shares in the company, valued at $914,291.16. This represents a 25.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,919 shares of company stock valued at $1,206,483 over the last ninety days.

Institutional Investors Weigh In On Beta Bionics

Several large investors have recently modified their holdings of BBNX. Rhumbline Advisers acquired a new stake in shares of Beta Bionics in the first quarter valued at approximately $158,000. Evanson Asset Management LLC acquired a new stake in shares of Beta Bionics during the first quarter worth $475,000. Bank of New York Mellon Corp acquired a new stake in shares of Beta Bionics during the first quarter worth $316,000. Values First Advisors Inc. acquired a new stake in shares of Beta Bionics during the first quarter worth $457,000. Finally, Jennison Associates LLC acquired a new stake in shares of Beta Bionics during the first quarter worth $828,000.

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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