Lord Abbett & CO. LLC Invests $2.79 Million in Beta Bionics, Inc. $BBNX

Key Points

• Lord Abbett & CO. LLC has acquired 228,160 shares of Beta Bionics, valued at approximately $2.79 million, marking their entry into the company's equity.
• Analysts are optimistic about Beta Bionics, with a consensus target price of $22.56 and ratings reflecting a moderate buy sentiment.
• Beta Bionics reported earnings per share of ($0.39) for the last quarter, surpassing the average estimate and achieving $23.24 million in revenue.

Lord Abbett & CO. LLC acquired a new stake in shares of 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 acquired 228,160 shares of the company's stock, valued at approximately $2,793,000. Lord Abbett & CO. LLC owned about 0.53% of Beta Bionics at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Deutsche Bank AG purchased a new stake in shares of Beta Bionics during the 1st quarter valued at about $148,000. Rhumbline Advisers bought a new stake in Beta Bionics during the first quarter valued at approximately $158,000. Invesco Ltd. purchased a new stake in Beta Bionics during the first quarter valued at approximately $202,000. Nuveen LLC purchased a new stake in Beta Bionics during the first quarter valued at approximately $209,000. Finally, Bank of New York Mellon Corp bought a new position in Beta Bionics in the first quarter worth approximately $316,000.

Insider Activity

In other news, insider Mark Hopman sold 16,158 shares of Beta Bionics stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total value of $268,384.38. Following the sale, the insider directly owned 34,132 shares of the company's stock, valued at approximately $566,932.52. The trade was a 32.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen Feider sold 5,587 shares of Beta Bionics stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $17.03, for a total value of $95,146.61. Following the completion of the sale, the chief financial officer directly owned 45,503 shares in the company, valued at $774,916.09. This trade represents a 10.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,264 shares of company stock worth $444,376 over the last ninety days.

Beta Bionics Price Performance

NASDAQ:BBNX traded up $1.07 on Friday, reaching $17.96. 370,437 shares of the company's stock traded hands, compared to its average volume of 527,762. The stock has a 50-day simple moving average of $15.18 and a 200-day simple moving average of $15.41. Beta Bionics, Inc. has a 12 month low of $8.89 and a 12 month high of $24.50.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, beating analysts' consensus estimates of ($0.51) by $0.12. The business 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BBNX. Robert W. Baird set a $17.00 price objective on shares of Beta Bionics and gave the company a "neutral" rating in a research report on Wednesday, July 30th. 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 began coverage on Beta Bionics in a research note on Friday, May 30th. They issued an "outperform" rating and a $20.00 price objective on the stock. 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 on the stock. Finally, The Goldman Sachs Group assumed coverage on Beta Bionics in a research note on Friday, May 30th. They set a "neutral" rating and a $16.00 price objective for the company. One 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.56.

Beta Bionics 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.