Wellington Management Group LLP Makes New Investment in Beta Bionics, Inc. $BBNX

Key Points

• Wellington Management Group LLP acquired a new stake in Beta Bionics, Inc. during the 1st quarter, purchasing 3,901,599 shares valued at approximately $47.3 million, representing 9% ownership of the company.
• Beta Bionics reported earnings of ($0.39) per share for the last quarter, surpassing expectations, alongside revenue of $23.24 million, which also exceeded analyst forecasts.
• Recent analyst ratings for Beta Bionics reflect a consensus of "Moderate Buy" with a target price averaging around $22.56, with multiple buy ratings issued by several financial institutions.

Wellington Management Group LLP acquired a new stake in Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,901,599 shares of the company's stock, valued at approximately $47,346,000. Wellington Management Group LLP owned 9.00% of Beta Bionics at the end of the most recent quarter.

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

Insider Activity at Beta Bionics

In related 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 completion of the sale, the chief financial officer directly owned 45,503 shares of the company's stock, valued at $774,916.09. The trade was a 10.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark Hopman sold 16,158 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $16.61, for a total transaction of $268,384.38. Following the completion of the sale, the insider directly owned 34,132 shares of the company's stock, valued at approximately $566,932.52. This trade represents a 32.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,264 shares of company stock valued at $444,376 in the last 90 days.

Beta Bionics Stock Up 0.9%

Shares of NASDAQ BBNX opened at $17.05 on Friday. The business has a 50-day moving average of $15.14 and a two-hundred day moving average of $15.32. Beta Bionics, Inc. has a 1 year low of $8.89 and a 1 year high of $24.50.

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

Analyst Ratings Changes

BBNX has been the subject of several recent research reports. Wolfe Research initiated coverage on shares of Beta Bionics in a research report on Friday, May 30th. They issued an "outperform" rating and a $20.00 price target for the company. Truist Financial lifted their target price on Beta Bionics from $18.00 to $21.00 and gave the company a "buy" 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 issued a "neutral" rating and a $16.00 target price for the company. Lake Street Capital assumed 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. Finally, Robert W. Baird set a $17.00 price objective on Beta Bionics and gave the company a "neutral" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.56.

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.

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