Bank of New York Mellon Corp Invests $316,000 in Beta Bionics, Inc. (NASDAQ:BBNX)

Key Points

• Bank of New York Mellon Corp acquired a new stake in Beta Bionics, purchasing 25,793 shares valued at approximately $316,000.
• Beta Bionics reported quarterly earnings of ($0.39) EPS, surpassing expectations, and achieved revenue of $23.24 million, exceeding estimates of $19.73 million.
• Wall Street analysts have given Beta Bionics a range of ratings, with an average rating of "Moderate Buy" and a consensus price target of $22.56.

Bank of New York Mellon Corp purchased a new position in shares of Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 25,793 shares of the company's stock, valued at approximately $316,000. Bank of New York Mellon Corp owned about 0.06% of Beta Bionics as of its most recent SEC filing.

Separately, Rhumbline Advisers purchased a new stake in Beta Bionics during the 1st quarter valued at $158,000.

Insider Buying and Selling at Beta Bionics

In other Beta Bionics news, CFO Stephen Feider sold 1,497 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer owned 45,503 shares in the company, valued at approximately $814,048.67. This represents a 3.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 4,519 shares of company stock worth $80,845.

Beta Bionics Stock Performance

Shares of BBNX stock traded up $0.02 during midday trading on Friday, reaching $15.11. 129,772 shares of the stock were exchanged, compared to its average volume of 513,119. Beta Bionics, Inc. has a 1 year low of $8.89 and a 1 year high of $24.50. The company has a 50 day simple moving average of $15.82.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BBNX shares. Lake Street Capital assumed coverage on shares of Beta Bionics in a research report on Thursday, June 12th. They issued a "buy" rating and a $30.00 price objective on the stock. The Goldman Sachs Group started coverage on Beta Bionics in a report on Friday, May 30th. They set a "neutral" rating and a $16.00 price target on the stock. Truist Financial boosted their price target on Beta Bionics from $18.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Wolfe Research started coverage on Beta Bionics in a report on Friday, May 30th. They set an "outperform" rating and a $20.00 price target on the stock. Finally, Robert W. Baird set a $17.00 price target on Beta Bionics and gave the company a "neutral" rating in a report on Wednesday, July 30th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Beta Bionics presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.56.

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.