Beta Bionics (NASDAQ:BBNX) Stock Price Down 6.8% - Time to Sell?

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) traded down 6.8% during mid-day trading on Monday . The company traded as low as $16.66 and last traded at $16.68. 111,122 shares changed hands 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

Several research analysts have commented on the stock. Bank of America initiated coverage on shares of Beta Bionics in a report on Monday, February 24th. They set a "buy" rating for the company. Lake Street Capital started coverage on Beta Bionics in a research note on Thursday, June 12th. They set a "buy" rating and a $30.00 price target for the company. 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. Leerink Partners assumed coverage on Beta Bionics in a research report on Monday, February 24th. They set an "outperform" rating and a $28.00 target price for the company. Finally, Piper Sandler initiated coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued an "overweight" rating and a $26.00 target price for the company. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Beta Bionics presently has an average rating of "Moderate Buy" and a consensus price target of $23.44.

Beta Bionics Stock Performance

The stock has a fifty day simple moving average of $14.65.

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 firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 45,503 shares of the company's stock, valued at approximately $814,048.67. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 4,519 shares of company stock valued at $80,845.

Institutional Trading of Beta Bionics

Hedge funds have recently modified their holdings of the stock. Evanson Asset Management LLC acquired a new stake in shares of Beta Bionics during the 1st quarter worth approximately $475,000. Driehaus Capital Management LLC purchased a new stake in shares of Beta Bionics during the 1st quarter worth about $10,799,000. Ghisallo Capital Management LLC acquired a new stake in shares of Beta Bionics during the 1st quarter valued at about $612,000. Omega Fund Management LLC purchased a new position in shares of Beta Bionics in the 1st quarter valued at about $24,337,000. Finally, Walleye Capital LLC purchased a new stake in shares of Beta Bionics in the first quarter valued at approximately $1,813,000.

Beta Bionics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.