Beta Bionics (NASDAQ:BBNX) Trading Down 4.8% - Here's Why

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s share price fell 4.8% on Friday . The company traded as low as $18.35 and last traded at $18.62. 161,992 shares changed hands during trading, a decline of 67% from the average session volume of 498,220 shares. The stock had previously closed at $19.55.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BBNX. Stifel Nicolaus initiated coverage on shares of Beta Bionics in a research report on Monday, February 24th. They issued a "buy" rating and a $25.00 price objective for the company. Baird R W raised shares of Beta Bionics to a "hold" rating in a report on Thursday, February 20th. Wolfe Research initiated coverage on shares of Beta Bionics in a report on Friday, May 30th. They issued an "outperform" rating and a $20.00 price target for the company. Piper Sandler assumed coverage on Beta Bionics in a research report on Monday, February 24th. They issued an "overweight" rating and a $26.00 price target for the company. Finally, Leerink Partners assumed coverage on Beta Bionics in a research report on Monday, February 24th. They set an "outperform" rating and a $28.00 price target for the company. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.13.

Beta Bionics Price Performance

The stock has a fifty day moving average of $13.20.

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

Insider Activity 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 stock was sold at an average price of $17.89, for a total transaction of $26,781.33. Following the sale, the chief financial officer now owns 45,503 shares of the company's stock, valued at $814,048.67. The trade was a 3.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 4,519 shares of company stock worth $80,845 in the last ninety days.

Institutional Trading of Beta Bionics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new stake in shares of Beta Bionics during the 1st quarter worth about $29,000. Corebridge Financial Inc. bought a new stake in shares of Beta Bionics in the 1st quarter worth $79,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Beta Bionics in the 1st quarter worth $95,000. MetLife Investment Management LLC bought a new stake in shares of Beta Bionics in the 1st quarter worth approximately $102,000. Finally, Deutsche Bank AG acquired a new stake in Beta Bionics during the first quarter valued at approximately $148,000.

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.