Beta Bionics (NASDAQ:BBNX) Stock Price Up 4.5% - What's Next?

Key Points

• Beta Bionics' stock price rose by 4.5% to close at $15.78, with trading volume significantly lower than average at 223,521 shares.
• Analysts have mixed opinions on Beta Bionics, with four holding, seven buying, and one strongly buying ratings, while consensus price target is currently at $22.56.
• The company reported better-than-expected earnings, with an EPS of ($0.39) compared to the consensus estimate of ($0.51) and revenue of $23.24 million against expectations of $19.73 million.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s stock price shot up 4.5% on Thursday . The stock traded as high as $15.96 and last traded at $15.78. 223,521 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 518,521 shares. The stock had previously closed at $15.10.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BBNX. The Goldman Sachs Group began coverage on shares of Beta Bionics in a research note on Friday, May 30th. They issued a "neutral" rating and a $16.00 price objective for the company. Truist Financial lifted their price objective on shares of Beta Bionics from $18.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Lake Street Capital began coverage on shares of Beta Bionics in a research note on Thursday, June 12th. They issued a "buy" rating and a $30.00 price objective for the company. 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. Finally, Robert W. Baird set a $17.00 price target on shares of Beta Bionics and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.56.

Beta Bionics Stock Performance

The stock's fifty day simple moving average is $15.52 and its 200-day simple moving average is $15.48.

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 Buying and Selling at Beta Bionics

In related 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 value of $26,781.33. Following the transaction, the chief financial officer directly owned 45,503 shares of the company's stock, valued at approximately $814,048.67. The trade was a 3.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 4,519 shares of company stock valued at $80,845.

Institutional Investors Weigh In On Beta Bionics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new stake in shares of Beta Bionics during the first quarter valued at about $316,000. Rhumbline Advisers purchased a new stake in shares of Beta Bionics during the first quarter valued at approximately $158,000. Values First Advisors Inc. purchased a new stake in shares of Beta Bionics during the first quarter valued at approximately $457,000. Evanson Asset Management LLC purchased a new stake in shares of Beta Bionics during the first quarter valued at approximately $475,000. Finally, TD Asset Management Inc purchased a new stake in Beta Bionics in the first quarter worth $488,000.

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.

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