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

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) shares fell 5.9% during trading on Monday . The stock traded as low as $13.92 and last traded at $13.96. 84,681 shares changed hands during trading, a decline of 82% from the average session volume of 481,972 shares. The stock had previously closed at $14.84.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BBNX. Truist Financial began coverage on shares of Beta Bionics in a research note on Monday, June 16th. They issued a "buy" rating and a $26.00 price objective on the stock. Wolfe Research began coverage on Beta Bionics in a research note on Friday, May 30th. They issued an "outperform" rating and a $20.00 price objective on the stock. Lake Street Capital began coverage on Beta Bionics in a research note on Thursday, June 12th. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, The Goldman Sachs Group began coverage on Beta Bionics in a research note on Friday, May 30th. They issued a "neutral" rating and a $16.00 price objective on the stock. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Beta Bionics currently has an average rating of "Moderate Buy" and an average price target of $23.44.

Beta Bionics Trading Down 5.7%

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

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

Insiders Place Their Bets

In other news, CFO Stephen Feider sold 1,497 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $17.89, for a total transaction of $26,781.33. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 4,519 shares of company stock valued at $80,845 over the last ninety days.

Institutional Investors Weigh In On Beta Bionics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Strs Ohio bought a new stake in Beta Bionics in the 1st quarter worth about $29,000. CWM LLC bought a new stake in Beta Bionics in the 2nd quarter worth about $58,000. Corebridge Financial Inc. bought a new stake in Beta Bionics in the 1st quarter worth about $79,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Beta Bionics in the 1st quarter worth about $95,000. Finally, MetLife Investment Management LLC bought a new stake in Beta Bionics in the 1st quarter worth 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.

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