Beta Bionics (NASDAQ:BBNX) Shares Down 5.9% - What's Next?

Key Points

• Beta Bionics shares dropped 5.9% to $13.96, with trading volume declining by 82% compared to the average session.
• Analysts have given the stock an average rating of "Moderate Buy" with a price target of $23.44, indicating potential upside despite recent losses.
• Insider selling activity includes the CFO selling 1,497 shares at approximately $17.89, decreasing their ownership by 3.19%.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s stock price dropped 5.9% during trading on Monday . The stock traded as low as $13.92 and last traded at $13.96. Approximately 84,681 shares were traded during trading, a decline of 82% from the average daily volume of 481,972 shares. The stock had previously closed at $14.84.

Wall Street Analyst Weigh In

BBNX has been the topic of several recent research reports. Truist Financial lifted their target price on shares of Beta Bionics from $18.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday. Lake Street Capital started coverage on shares of Beta Bionics in a report on Thursday, June 12th. They set a "buy" rating and a $30.00 price target for the company. Robert W. Baird set a $17.00 price target on shares of Beta Bionics and gave the stock a "neutral" rating in a report on Wednesday. The Goldman Sachs Group assumed coverage on shares of Beta Bionics in a report on Friday, May 30th. They set a "neutral" rating and a $16.00 price target for the company. Finally, Wolfe Research assumed coverage on shares of Beta Bionics in a research note on Friday, May 30th. They issued an "outperform" rating and a $20.00 price objective for the company. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Beta Bionics presently has an average rating of "Moderate Buy" and an average price target of $22.56.

Beta Bionics Stock Performance

The stock's 50 day simple moving average is $15.71.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.51) by $0.12. The firm had revenue of $23.24 million for the quarter, compared to analysts' expectations of $19.73 million.

Insider Transactions at Beta Bionics

In other Beta Bionics news, CFO Stephen Feider sold 1,497 shares of Beta Bionics stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $17.89, for a total transaction of $26,781.33. Following the transaction, the chief financial officer directly owned 45,503 shares of the company's stock, valued at $814,048.67. The trade was a 3.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 4,519 shares of company stock worth $80,845.

Hedge Funds Weigh In On Beta Bionics

A number of hedge funds have recently bought and sold shares of BBNX. Strs Ohio purchased a new position in shares of Beta Bionics in the 1st quarter worth about $29,000. CWM LLC bought a new stake in Beta Bionics in the 2nd quarter valued at about $58,000. Corebridge Financial Inc. bought a new stake in Beta Bionics in the 1st quarter valued at about $79,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Beta Bionics in the 1st quarter valued at about $95,000. Finally, MetLife Investment Management LLC bought a new stake in Beta Bionics in the 1st quarter valued at about $102,000.

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.