Beta Bionics (NASDAQ:BBNX) Price Target Raised to $21.00

Key Points

• Truist Financial has increased the price target for Beta Bionics (NASDAQ:BBNX) from $18.00 to $21.00, reflecting a potential upside of 28.52% from its current price.
• Beta Bionics shares rose by 11.5% during midday trading, reaching $16.34, with a trading volume significantly higher than its average.
• Consensus ratings for Beta Bionics indicate a Moderate Buy with an overall target price averaging $22.56, as reported by various analysts.

Beta Bionics (NASDAQ:BBNX - Free Report) had its price objective lifted by Truist Financial from $18.00 to $21.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other analysts also recently issued reports on the company. Lake Street Capital started coverage on Beta Bionics in a research note on Thursday, June 12th. They set a "buy" rating and a $30.00 target price on the stock. Wolfe Research began 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. 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. Finally, The Goldman Sachs Group began coverage on Beta Bionics in a research note on Friday, May 30th. They issued a "neutral" rating and a $16.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.56.

Beta Bionics Stock Performance

NASDAQ:BBNX traded down $0.39 on Wednesday, hitting $16.40. The stock had a trading volume of 514,719 shares, compared to its average volume of 527,705. The business has a 50-day moving average price of $15.75. Beta Bionics has a 52-week low of $8.89 and a 52-week high of $24.50.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted 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.

Insider Buying and Selling

In other Beta Bionics news, CFO Stephen Feider sold 1,497 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $17.89, for a total value of $26,781.33. Following the sale, the chief financial officer directly owned 45,503 shares of the company's stock, valued at approximately $814,048.67. This trade represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 4,519 shares of company stock valued at $80,845 over the last quarter.

Hedge Funds Weigh In On Beta Bionics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers acquired a new position in Beta Bionics during the first quarter worth $158,000. Values First Advisors Inc. acquired a new position in Beta Bionics during the first quarter worth $457,000. Evanson Asset Management LLC acquired a new position in Beta Bionics during the first quarter worth $475,000. Jennison Associates LLC purchased a new stake in Beta Bionics in the first quarter valued at $828,000. Finally, Driehaus Capital Management LLC purchased a new stake in Beta Bionics in the first quarter valued at $10,799,000.

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.