Omega Fund Management LLC Acquires Shares of 1,988,287 Beta Bionics, Inc. $BBNX

Key Points

• Omega Fund Management LLC invested $24.34 million in Beta Bionics, acquiring approximately 1,988,287 shares, making it the fund's third largest position.
• Beta Bionics recently reported quarterly earnings with an EPS of ($0.39), surpassing estimates, and revenue of $23.24 million, exceeding forecasted figures.
• The stock price of Beta Bionics is currently down 1.4% with a 52-week trading range from $8.89 to $24.50.

Omega Fund Management LLC purchased a new position in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,988,287 shares of the company's stock, valued at approximately $24,337,000. Beta Bionics accounts for approximately 14.4% of Omega Fund Management LLC's investment portfolio, making the stock its 3rd largest holding. Omega Fund Management LLC owned about 4.59% of Beta Bionics at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in Beta Bionics in the first quarter worth approximately $316,000. Rhumbline Advisers bought a new position in shares of Beta Bionics in the 1st quarter worth $158,000. Sands Capital Ventures LLC bought a new position in shares of Beta Bionics in the 1st quarter worth $37,990,000. Values First Advisors Inc. purchased a new stake in shares of Beta Bionics during the 1st quarter worth $457,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in Beta Bionics during the first quarter valued at about $1,244,000.

Beta Bionics Trading Up 0.3%

Beta Bionics stock traded up $0.05 during mid-day trading on Wednesday, reaching $19.07. 160,589 shares of the company traded hands, compared to its average volume of 524,272. The firm's fifty day moving average is $15.29 and its two-hundred day moving average is $15.13. Beta Bionics, Inc. has a fifty-two week low of $8.89 and a fifty-two week 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 for the quarter, beating analysts' consensus estimates of ($0.51) by $0.12. The company had revenue of $23.24 million for the quarter, compared to analysts' expectations of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Transactions at Beta Bionics

In other news, CFO Stephen Feider sold 5,587 shares of the firm's 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark Hopman sold 16,158 shares of the company's 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 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. Insiders sold 26,158 shares of company stock worth $438,596 over the last three months.

Analyst Ratings Changes

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

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.