Wellington Management Group LLP Purchases New Position 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 shares of Beta Bionics, Inc. (NASDAQ:BBNX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,901,599 shares of the company's stock, valued at approximately $47,346,000. Wellington Management Group LLP owned about 9.00% of Beta Bionics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in Beta Bionics during the first quarter valued at $148,000. Rhumbline Advisers bought a new stake in Beta Bionics during the first quarter valued at about $158,000. Invesco Ltd. bought a new stake in Beta Bionics during the first quarter valued at about $202,000. Nuveen LLC bought a new stake in Beta Bionics during the first quarter valued at about $209,000. Finally, Bank of New York Mellon Corp bought a new stake in Beta Bionics during the first quarter valued at about $316,000.

Insider Buying and Selling

In related news, insider Mark Hopman sold 16,158 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total transaction of $268,384.38. Following the completion of the transaction, the insider directly owned 34,132 shares of the company's stock, valued at approximately $566,932.52. This represents a 32.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stephen Feider sold 5,587 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 45,503 shares of the company's stock, valued at approximately $774,916.09. The trade was a 10.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,677 shares of company stock valued at $519,441.

Analyst Ratings Changes

Several research firms have issued reports on BBNX. 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. Lake Street Capital began coverage on Beta Bionics in a report on Thursday, June 12th. They set a "buy" rating and a $30.00 price target for the company. Wolfe Research started coverage on Beta Bionics in a report on Friday, May 30th. They set an "outperform" rating and a $20.00 price target for the company. Robert W. Baird set a $17.00 price objective on Beta Bionics and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group started coverage on Beta Bionics in a research note on Friday, May 30th. They issued 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 given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Beta Bionics currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.56.

Beta Bionics Price Performance

Beta Bionics stock traded up $0.13 during midday trading on Friday, reaching $18.84. 385,099 shares of the stock traded hands, compared to its average volume of 617,194. The stock's fifty day moving average is $15.17 and its 200-day moving average is $15.22. 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 announced 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 firm 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.

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.