Ghisallo Capital Management LLC Makes New Investment in Beta Bionics, Inc. $BBNX

Key Points

• Ghisallo Capital Management LLC has acquired a new stake in Beta Bionics, purchasing 50,000 shares valued at approximately $612,000 during the first quarter.
• Beta Bionics recently reported earnings, with a loss of ($0.39) per share, outperforming analysts' expectations of ($0.51), and revenue of $23.24 million, exceeding projections of $19.73 million.
• Insider trading activity noted a significant decrease in holdings as both the CFO and another insider sold shares of Beta Bionics, with a total of 30,677 shares sold in the last three months.

Ghisallo Capital Management LLC purchased a new stake in shares of Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 50,000 shares of the company's stock, valued at approximately $612,000. Ghisallo Capital Management LLC owned 0.12% of Beta Bionics as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Corebridge Financial Inc. bought a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $79,000. MetLife Investment Management LLC bought a new stake in Beta Bionics during the 1st quarter worth approximately $102,000. Deutsche Bank AG bought a new stake in Beta Bionics during the 1st quarter worth approximately $148,000. Rhumbline Advisers bought a new stake in Beta Bionics during the 1st quarter worth approximately $158,000. Finally, Invesco Ltd. bought a new stake in Beta Bionics during the 1st quarter worth approximately $202,000.

Analysts Set New Price Targets

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

Beta Bionics Stock Performance

Beta Bionics stock traded up $0.66 during mid-day trading on Wednesday, hitting $19.68. 508,664 shares of the company's stock were exchanged, compared to its average volume of 585,935. Beta Bionics, Inc. has a fifty-two week low of $8.89 and a fifty-two week high of $24.50. The company's 50 day simple moving average is $15.39 and its 200-day simple moving average is $15.16.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) 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 the consensus estimate of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Activity

In other news, insider Mark Hopman sold 16,158 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total value of $268,384.38. Following the transaction, the insider owned 34,132 shares of the company's stock, valued at approximately $566,932.52. This represents a 32.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Stephen Feider sold 5,587 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $17.03, for a total value of $95,146.61. Following the transaction, the chief financial officer owned 45,503 shares in the company, valued at approximately $774,916.09. This trade represents a 10.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,158 shares of company stock valued at $438,596 in the last 90 days.

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.