Driehaus Capital Management LLC Makes New $10.80 Million Investment in Beta Bionics, Inc. $BBNX

Key Points

• Driehaus Capital Management LLC invested approximately $10.80 million in Beta Bionics, acquiring 882,277 shares, which represent about 2.03% of the company.
• Beta Bionics reported earnings of ($0.39) per share for the last quarter, exceeding estimates, with revenues of $23.24 million compared to a forecast of $19.73 million.
• Analysts have mixed ratings on Beta Bionics; the average rating is "Moderate Buy", with target prices ranging from $16.00 to $30.00.

Driehaus Capital Management LLC acquired a new stake in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 882,277 shares of the company's stock, valued at approximately $10,799,000. Driehaus Capital Management LLC owned approximately 2.03% of Beta Bionics as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP purchased a new stake in shares of Beta Bionics during the first quarter worth approximately $47,346,000. Sands Capital Ventures LLC bought a new stake in shares of Beta Bionics during the first quarter valued at approximately $37,990,000. Omega Fund Management LLC bought a new position in Beta Bionics during the first quarter valued at about $24,337,000. Lord Abbett & CO. LLC acquired a new position in shares of Beta Bionics in the first quarter worth about $2,793,000. Finally, Walleye Capital LLC purchased a new stake in shares of Beta Bionics during the 1st quarter worth about $1,813,000.

Analysts Set New Price Targets

BBNX has been the topic of a number of analyst reports. Wolfe Research began coverage on Beta Bionics in a research report on Friday, May 30th. They issued an "outperform" rating and a $20.00 price target on the stock. The Goldman Sachs Group initiated coverage on Beta Bionics in a research note on Friday, May 30th. They issued a "neutral" rating and a $16.00 price target for the company. Lake Street Capital began coverage on Beta Bionics in a research report on Thursday, June 12th. They set a "buy" rating and a $30.00 price objective for the company. Truist Financial upped their target price on Beta Bionics from $18.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Finally, Robert W. Baird set a $17.00 target price on Beta Bionics and gave the company a "neutral" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $22.56.

Insider Activity at Beta Bionics

In related news, CFO Stephen Feider sold 1,462 shares of Beta Bionics stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $18.86, for a total transaction of $27,573.32. Following the transaction, the chief financial officer owned 44,041 shares in the company, valued at approximately $830,613.26. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Hopman sold 16,158 shares of Beta Bionics stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $16.61, for a total value of $268,384.38. Following the completion of the transaction, the insider owned 34,132 shares of the company's stock, valued at approximately $566,932.52. This trade represents a 32.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,572 shares of company stock valued at $521,844.

Beta Bionics Trading Up 2.7%

Shares of BBNX stock traded up $0.55 during trading hours on Friday, hitting $20.65. The stock had a trading volume of 119,747 shares, compared to its average volume of 522,580. The stock's 50-day moving average price is $15.49 and its two-hundred day moving average price is $15.15. Beta Bionics, Inc. has a one year low of $8.89 and a one year high of $24.50.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.12. The firm had revenue of $23.24 million during the quarter, compared to the consensus estimate of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

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.