Eventide Asset Management LLC Buys New Position in Beta Bionics, Inc. $BBNX

Key Points

• Eventide Asset Management LLC has acquired a new stake in Beta Bionics, purchasing 4,928,019 shares valued at approximately $60.3 million, making it the firm's 22nd largest position.
• Beta Bionics' stock price increased by 3.5% to $19.68, reflecting a significant rise from its 1-year low of $8.89.
• Recent analyst reports suggest a consensus rating of "Moderate Buy" for Beta Bionics with an average target price of $22.56, showing optimistic outlooks from multiple firms.

Eventide Asset Management LLC bought a new position in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,928,019 shares of the company's stock, valued at approximately $60,307,000. Beta Bionics accounts for approximately 1.2% of Eventide Asset Management LLC's holdings, making the stock its 22nd largest position. Eventide Asset Management LLC owned 11.37% of Beta Bionics as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BBNX. Rhumbline Advisers acquired a new stake in Beta Bionics in the first quarter worth $158,000. Evanson Asset Management LLC acquired a new stake in Beta Bionics during the 1st quarter worth about $475,000. Bank of New York Mellon Corp acquired a new stake in Beta Bionics during the 1st quarter worth about $316,000. Values First Advisors Inc. acquired a new stake in Beta Bionics during the 1st quarter worth about $457,000. Finally, Jennison Associates LLC purchased a new stake in shares of Beta Bionics during the 1st quarter worth about $828,000.

Insider Transactions 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 value of $27,573.32. Following the sale, the chief financial officer owned 44,041 shares of the company's stock, valued at approximately $830,613.26. This trade represents a 3.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark Hopman sold 16,158 shares of Beta Bionics stock in a transaction that occurred 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 sale, the insider directly owned 34,132 shares in the company, valued at approximately $566,932.52. This represents a 32.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,572 shares of company stock worth $521,844.

Analysts Set New Price Targets

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

Beta Bionics Trading Up 14.5%

Shares of NASDAQ BBNX traded up $2.93 during mid-day trading on Monday, reaching $23.13. 1,372,914 shares of the company's stock were exchanged, compared to its average volume of 531,033. The business has a fifty day simple moving average of $15.60 and a 200 day simple moving average of $15.05. Beta Bionics, Inc. has a twelve month low of $8.89 and a twelve month high of $24.50.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, topping analysts' consensus estimates of ($0.51) by $0.12. The business had revenue of $23.24 million for the quarter, compared to analyst estimates of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

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.