Beta Bionics (NASDAQ:BBNX) Trading Down 5.7% - What's Next?

Key Points

• Beta Bionics shares fell 5.7% on Tuesday to about $16.03, after trading as low as $16.00 on lighter-than-normal volume.
• Analysts remain broadly positive, but several cut their price targets recently; the consensus rating is still Moderate Buy with an average target of $19.70.
• The company reported a smaller-than-expected loss last quarter, but it still posted weak profitability metrics, and insiders recently sold shares tied to tax withholding on equity awards.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s stock price traded down 5.7% during trading on Tuesday . The stock traded as low as $16.00 and last traded at $16.03. 347,071 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,137,099 shares. The stock had previously closed at $17.00.

Analysts Set New Price Targets

BBNX has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Beta Bionics from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Truist Financial cut their price target on Beta Bionics from $25.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Leerink Partners lowered their price objective on Beta Bionics from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Wednesday, April 22nd. Wall Street Zen downgraded Beta Bionics from a "hold" rating to a "sell" rating in a report on Sunday, March 29th. Finally, Bank of America decreased their target price on Beta Bionics from $23.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.70.

Beta Bionics Price Performance

The firm has a market capitalization of $709.20 million, a price-to-earnings ratio of -10.54 and a beta of 3.40. The company's 50-day moving average is $12.23 and its 200-day moving average is $15.41.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last issued its earnings results on Tuesday, April 21st. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.04. Beta Bionics had a negative return on equity of 23.00% and a negative net margin of 60.27%.The business had revenue of $27.63 million for the quarter. Sell-side analysts anticipate that Beta Bionics, Inc. will post -2.22 earnings per share for the current year.

Insider Buying and Selling at Beta Bionics

In other Beta Bionics news, CFO Stephen Feider sold 6,676 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $12.61, for a total transaction of $84,184.36. Following the completion of the sale, the chief financial officer directly owned 166,053 shares in the company, valued at $2,093,928.33. The trade was a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mike Mensinger sold 4,378 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $12.61, for a total transaction of $55,206.58. Following the completion of the sale, the insider directly owned 184,415 shares of the company's stock, valued at $2,325,473.15. The trade was a 2.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 30,351 shares of company stock worth $383,559. Company insiders own 5.30% of the company's stock.

Institutional Trading of Beta Bionics

Large investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC raised its position in Beta Bionics by 39.8% in the first quarter. Perceptive Advisors LLC now owns 842,944 shares of the company's stock valued at $8,446,000 after purchasing an additional 240,000 shares during the period. Eversept Partners LP lifted its position in Beta Bionics by 108.6% during the 1st quarter. Eversept Partners LP now owns 1,414,838 shares of the company's stock worth $14,177,000 after acquiring an additional 736,576 shares in the last quarter. Quantinno Capital Management LP lifted its position in Beta Bionics by 112.9% during the 1st quarter. Quantinno Capital Management LP now owns 67,879 shares of the company's stock worth $680,000 after acquiring an additional 35,996 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Beta Bionics in the first quarter valued at approximately $720,000. Finally, Granahan Investment Management LLC raised its stake in shares of Beta Bionics by 104.9% during the first quarter. Granahan Investment Management LLC now owns 248,449 shares of the company's stock valued at $2,489,000 after purchasing an additional 127,203 shares during the period.

Beta Bionics Company Profile

Beta Bionics, a clinical-stage medical device company headquartered in Boston, Massachusetts, is focused on revolutionizing the management of type 1 diabetes through automated insulin delivery solutions. The company's flagship product, the iLet Bionic Pancreas system, is designed to simplify glycemic control by automatically adjusting insulin dosing in response to continuous glucose monitoring data. By integrating advanced algorithmic control with wearable infusion pumps, the iLet aims to reduce the daily burden of diabetes management and improve clinical outcomes for patients.

At the core of Beta Bionics' offering is its proprietary bionic pancreas software, which can operate in both insulin-only and dual‐hormone modes.

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