Beta Bionics (NASDAQ:BBNX) Stock Price Down 6.8% - Here's Why

Shares of Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) traded down 6.8% on Monday . The stock traded as low as $16.66 and last traded at $16.68. 111,122 shares were traded during mid-day trading, a decline of 77% from the average session volume of 490,119 shares. The stock had previously closed at $17.89.

Wall Street Analyst Weigh In

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

Beta Bionics Price Performance

The stock has a fifty day moving average price of $15.01.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last issued its quarterly 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).

Insiders Place Their Bets

In other Beta Bionics news, CFO Stephen Feider sold 1,497 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $17.89, for a total transaction of $26,781.33. Following the transaction, the chief financial officer now owns 45,503 shares in the company, valued at approximately $814,048.67. This represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, 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 the business. Eventide Asset Management LLC purchased a new position in Beta Bionics during the first quarter worth approximately $60,307,000. Wellington Management Group LLP purchased a new position in Beta Bionics during the first quarter worth approximately $47,346,000. Sands Capital Ventures LLC purchased a new position in Beta Bionics during the first quarter worth approximately $37,990,000. Omega Fund Management LLC purchased a new position in Beta Bionics during the first quarter worth approximately $24,337,000. Finally, Driehaus Capital Management LLC purchased a new position in Beta Bionics during the first quarter worth 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.