Truist Financial Boosts Beta Bionics (NASDAQ:BBNX) Price Target to $28.00

Key Points

• Truist Financial has increased the price target for Beta Bionics (NASDAQ:BBNX) from $21.00 to $28.00, indicating a potential upside of 25.62% from its previous close.
• Several brokerages have issued varied ratings on Beta Bionics, with one analyst giving it a "Strong Buy" and the average target price now standing at $23.33.
• Beta Bionics recently reported a quarterly earnings beat, with earnings per share of ($0.39) compared to the consensus estimate of ($0.51), and revenue of $23.24 million surpassing estimates.

Beta Bionics (NASDAQ:BBNX - Get Free Report) had its price objective boosted by research analysts at Truist Financial from $21.00 to $28.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 25.62% from the company's previous close.

A number of other brokerages have also commented on BBNX. Lake Street Capital initiated coverage on Beta Bionics in a research report on Thursday, June 12th. They issued a "buy" rating and a $30.00 target price for the company. The Goldman Sachs Group initiated coverage on Beta Bionics in a report on Friday, May 30th. They set a "neutral" rating and a $16.00 price objective for the company. Wolfe Research initiated coverage on Beta Bionics in a report on Friday, May 30th. They issued an "outperform" rating and a $20.00 target price for the company. Finally, Robert W. Baird set a $17.00 target price on Beta Bionics and gave the company a "neutral" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $23.33.

Beta Bionics Price Performance

Beta Bionics stock traded down $0.17 during mid-day trading on Monday, reaching $22.29. 85,489 shares of the company were exchanged, compared to its average volume of 585,215. The company has a fifty day simple moving average of $17.72 and a 200-day simple moving average of $15.37. Beta Bionics has a 12 month low of $8.89 and a 12 month high of $26.66.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating 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.

Insider Transactions at Beta Bionics

In other news, CFO Stephen Feider sold 5,587 shares of the company's 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 completion of the sale, the chief financial officer directly owned 45,503 shares of the company's stock, valued at approximately $774,916.09. This represents a 10.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark Hopman sold 16,158 shares of the stock in a transaction that occurred 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 sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 48,901 shares of company stock valued at $894,710 over the last three months.

Hedge Funds Weigh In On Beta Bionics

A number of hedge funds and other institutional investors have recently made changes to their positions in BBNX. Eventide Asset Management LLC acquired a new stake in shares of Beta Bionics during the 1st quarter worth about $60,307,000. Wellington Management Group LLP bought a new position in Beta Bionics during the 1st quarter worth approximately $47,346,000. Sands Capital Ventures LLC bought a new position in Beta Bionics during the 1st quarter worth approximately $37,990,000. Omega Fund Management LLC bought a new position in Beta Bionics in the first quarter valued at approximately $24,337,000. Finally, Divisadero Street Capital Management LP bought a new position in Beta Bionics in the second quarter valued at approximately $13,817,000.

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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