Lord Abbett & CO. LLC Buys Shares of 228,160 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 bought a new stake in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 228,160 shares of the company's stock, valued at approximately $2,793,000. Lord Abbett & CO. LLC owned 0.53% of Beta Bionics at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Rhumbline Advisers bought a new position in Beta Bionics in the first quarter worth approximately $158,000. Evanson Asset Management LLC bought a new position in shares of Beta Bionics in the 1st quarter worth $475,000. Bank of New York Mellon Corp bought a new stake in Beta Bionics during the 1st quarter valued at $316,000. Values First Advisors Inc. bought a new position in shares of Beta Bionics in the first quarter valued at $457,000. Finally, Jennison Associates LLC acquired a new position in shares of Beta Bionics during the first quarter valued at about $828,000.

Insider Activity

In other Beta Bionics news, insider Mark Hopman sold 16,158 shares of the firm's 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 directly owned 34,132 shares of the company's stock, valued at $566,932.52. This trade represents a 32.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Stephen Feider sold 5,587 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $17.03, for a total transaction of $95,146.61. Following the completion of the transaction, the chief financial officer directly owned 45,503 shares in the company, valued at approximately $774,916.09. The trade was a 10.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,264 shares of company stock worth $444,376.

Beta Bionics Stock Performance

Shares of BBNX traded up $1.64 during mid-day trading on Thursday, hitting $16.94. The stock had a trading volume of 467,035 shares, compared to its average volume of 526,130. Beta Bionics, Inc. has a 52 week low of $8.89 and a 52 week high of $24.50. The business has a fifty day moving average price of $15.23 and a 200-day moving average price of $15.45.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.12. The business 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.

Analyst Ratings Changes

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