Beta Bionics, Inc. (NASDAQ:BBNX) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Analysts have a “Moderate Buy” consensus: Of 15 analysts, nine rate BBNX a buy, one a strong buy, four a hold, and one a sell. The average 12-month price target is $23.69, with recent targets ranging from $16 to $30.
• Beta Bionics reported quarterly revenue of $35.51 million and an adjusted loss of $0.52 per share, narrowly beating the $0.53 loss analysts expected. The company remains unprofitable, with a negative net margin of 65.31%.
• Company insiders sold a combined 102,325 shares worth about $2.0 million over the last quarter. Separately, several institutional investors established or increased positions, including BlackRock’s new stake valued at about $52.3 million.

Shares of Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the fifteen analysts that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $23.69.

A number of analysts recently commented on BBNX shares. Barclays began coverage on shares of Beta Bionics in a report on Tuesday, October 6th. They set an "overweight" rating and a $30.00 price objective on the stock. TD Cowen upped their target price on shares of Beta Bionics from $18.00 to $21.00 and gave the stock a "hold" rating in a research report on Wednesday, October 28th. Leerink Partners increased their target price on shares of Beta Bionics from $24.00 to $27.00 and gave the company an "outperform" rating in a report on Monday, September 14th. Wells Fargo & Company initiated coverage on shares of Beta Bionics in a research report on Wednesday, September 23rd. They set an "overweight" rating and a $28.00 price target for the company. Finally, Robert W. Baird boosted their price target on Beta Bionics from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 15th.

Beta Bionics Stock Performance

Beta Bionics stock opened at $16.52 on Wednesday. The company has a market cap of $898.19 million, a P/E ratio of -8.98 and a beta of 3.44. Beta Bionics has a one year low of $8.80 and a one year high of $32.71. The business has a fifty day moving average of $18.62 and a two-hundred day moving average of $14.84.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The company reported ($0.52) earnings per share for the quarter, topping analysts' consensus estimates of ($0.53) by $0.01. The business had revenue of $35.51 million for the quarter. Beta Bionics had a negative net margin of 65.31% and a negative return on equity of 27.33%. Sell-side analysts predict that Beta Bionics will post -2.04 EPS for the current year.

Insiders Place Their Bets

In related news, Director Christy Jones sold 6,430 shares of Beta Bionics stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $23.00, for a total transaction of $147,890.00. Following the completion of the transaction, the director directly owned 19,564 shares of the company's stock, valued at approximately $449,972. The trade was a 24.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Stephen Feider sold 6,675 shares of the business's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $19.11, for a total value of $127,559.25. Following the sale, the chief financial officer owned 159,378 shares in the company, valued at approximately $3,045,713.58. The trade was a 4.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 102,325 shares of company stock worth $2,001,710. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BBNX. BlackRock Inc. acquired a new position in shares of Beta Bionics during the 2nd quarter worth $52,340,000. Eversept Partners LP grew its stake in Beta Bionics by 108.6% in the 1st quarter. Eversept Partners LP now owns 1,414,838 shares of the company's stock valued at $14,177,000 after acquiring an additional 736,576 shares during the last quarter. Perceptive Advisors LLC grew its stake in Beta Bionics by 39.8% in the 1st quarter. Perceptive Advisors LLC now owns 842,944 shares of the company's stock valued at $8,446,000 after acquiring an additional 240,000 shares during the last quarter. Bruce & Co. Inc. acquired a new stake in Beta Bionics in the 1st quarter valued at about $5,518,000. Finally, Bank of America Corp DE purchased a new position in Beta Bionics during the 2nd quarter valued at about $8,566,000.

Beta Bionics Company Profile

Beta Bionics, Inc. develops medical technology for people with insulin-dependent diabetes. Its main product is the iLet Bionic Pancreas, an automated insulin-delivery system designed to help manage blood glucose levels with less manual adjustment by users. The iLet system combines an insulin pump with dosing software that works with a continuous glucose monitor. Rather than requiring users to enter detailed insulin settings, it is initialized using the user's body weight and adjusts insulin delivery based on glucose readings.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.