Palumbo Wealth Management LLC Acquires New Stake in Beta Bionics, Inc. $BBNX

Key Points

• Palumbo Wealth Management LLC acquired a new stake in Beta Bionics, purchasing 29,579 shares valued at approximately $431,000, which represents about 0.07% ownership in the company.
• Multiple large investors, including Eventide Asset Management and Wellington Management Group, also made significant investments in Beta Bionics during the first quarter, with Eventide investing over $60 million.
• Beta Bionics reported better-than-expected quarterly earnings, posting an EPS of ($0.39), surpassing analysts' consensus estimates of ($0.51), alongside revenues of $23.24 million.

Palumbo Wealth Management LLC bought a new position in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 29,579 shares of the company's stock, valued at approximately $431,000. Palumbo Wealth Management LLC owned about 0.07% of Beta Bionics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in BBNX. Eventide Asset Management LLC bought a new position in shares of Beta Bionics in the 1st quarter worth approximately $60,307,000. Wellington Management Group LLP purchased a new stake in Beta Bionics during the first quarter valued at approximately $47,346,000. Sands Capital Ventures LLC purchased a new stake in Beta Bionics during the first quarter valued at approximately $37,990,000. Omega Fund Management LLC bought a new position in Beta Bionics in the first quarter worth approximately $24,337,000. Finally, Driehaus Capital Management LLC bought a new position in Beta Bionics in the first quarter worth approximately $10,799,000.

Insider Buying and Selling at Beta Bionics

In other Beta Bionics news, CFO Stephen Feider sold 5,587 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $17.03, for a total value of $95,146.61. Following the sale, the chief financial officer owned 45,503 shares in the company, valued at $774,916.09. The trade was a 10.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark Hopman sold 16,158 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $16.61, for a total transaction of $268,384.38. Following 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 disclosure for this sale can be found here. Insiders sold 48,901 shares of company stock worth $894,710 in the last three months.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. 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. Wolfe Research initiated 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. The Goldman Sachs Group started 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. Truist Financial increased their target price on shares of Beta Bionics from $21.00 to $28.00 and gave the stock a "buy" rating in a report on Monday. Finally, Robert W. Baird set a $17.00 price target on shares of Beta Bionics and gave the company a "neutral" rating in a report on Wednesday, July 30th. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.33.

Beta Bionics Trading Down 0.6%

NASDAQ:BBNX opened at $22.73 on Thursday. The stock has a 50-day moving average price of $18.33 and a 200 day moving average price of $15.52. Beta Bionics, Inc. has a 12-month low of $8.89 and a 12-month high of $26.66.

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, topping analysts' consensus estimates of ($0.51) by $0.12. The business had revenue of $23.24 million during the quarter, compared to analysts' expectations 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.

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