Beta Bionics, Inc. $BBNX Shares Acquired by Eversept Partners LP

Key Points

• Eversept Partners LP more than doubled its Beta Bionics stake in the first quarter, purchasing 736,576 additional shares to own 1.41 million shares, or approximately 3.18% of BBNX.
• Several other institutional investors initiated positions, while company insiders sold shares primarily through tax-withholding or pre-arranged trading transactions. Insiders sold 40,351 shares worth about $554,000 over the past quarter.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $20.30 versus the stock’s opening price of $15.99, though price targets and ratings vary widely.

Eversept Partners LP increased its stake in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) by 108.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,414,838 shares of the company's stock after buying an additional 736,576 shares during the period. Beta Bionics comprises about 0.7% of Eversept Partners LP's investment portfolio, making the stock its 29th largest position. Eversept Partners LP owned approximately 3.18% of Beta Bionics worth $14,177,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Beta Bionics during the 1st quarter worth $95,000. Goldman Sachs Group Inc. acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $715,000. Woodline Partners LP acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $1,530,000. Strs Ohio acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $29,000. Finally, Rhumbline Advisers bought a new position in shares of Beta Bionics during the first quarter worth about $158,000.

Insider Activity

In other Beta Bionics news, insider Mike Mensinger sold 4,378 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $12.61, for a total value of $55,206.58. Following the transaction, the insider owned 184,415 shares of the company's stock, valued at $2,325,473.15. This trade represents a 2.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Stephen Feider sold 4,896 shares of Beta Bionics stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.03, for a total value of $83,378.88. Following the completion of the transaction, the chief financial officer owned 165,931 shares of the company's stock, valued at approximately $2,825,804.93. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 40,351 shares of company stock valued at $553,961 over the last quarter. Corporate insiders own 5.30% of the company's stock.

Analyst Ratings Changes

BBNX has been the subject of a number of research reports. Bank of America decreased their price target 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. Truist Financial upped their price objective on Beta Bionics from $18.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Beta Bionics in a report on Friday, July 17th. The Goldman Sachs Group lifted their target price on Beta Bionics from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Leerink Partners lowered their price target on Beta Bionics from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.30.

Beta Bionics Stock Performance

NASDAQ BBNX opened at $15.99 on Tuesday. Beta Bionics, Inc. has a one year low of $8.80 and a one year high of $32.71. The company has a 50-day simple moving average of $14.67 and a 200-day simple moving average of $13.49. The firm has a market capitalization of $712.55 million, a PE ratio of -10.59 and a beta of 3.04.

Beta Bionics 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.

Want to see what other hedge funds are holding BBNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Beta Bionics, Inc. (NASDAQ:BBNX - Free Report).

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.