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 target increased by Truist Financial from $18.00 to $21.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on BBNX. Robert W. Baird set a $17.00 target price on Beta Bionics and gave the stock a "neutral" rating in a research note on Wednesday. The Goldman Sachs Group began coverage on Beta Bionics in a research report on Friday, May 30th. They issued a "neutral" rating and a $16.00 price objective on the stock. Lake Street Capital started coverage on Beta Bionics in a report on Thursday, June 12th. They set a "buy" rating and a $30.00 target price for the company. Finally, Wolfe Research initiated coverage on shares of Beta Bionics in a report on Friday, May 30th. They issued an "outperform" rating and a $20.00 price target on the stock. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.56.

Beta Bionics Stock Down 0.5%

Beta Bionics stock traded down $0.09 during mid-day trading on Wednesday, hitting $16.70. The company's stock had a trading volume of 77,259 shares, compared to its average volume of 510,491. The business has a 50 day moving average of $15.71. Beta Bionics has a 12 month low of $8.89 and a 12 month high of $24.50.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.12. The company had revenue of $23.24 million during the quarter, compared to analysts' expectations of $19.73 million.

Insider Activity

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

Hedge Funds Weigh In On Beta Bionics

A number of hedge funds have recently bought and sold shares of the company. Values First Advisors Inc. boosted its position in shares of Beta Bionics by 13.2% during the second quarter. Values First Advisors Inc. now owns 42,563 shares of the company's stock valued at $620,000 after buying an additional 4,978 shares during the last quarter. CWM LLC purchased a new position in shares of Beta Bionics during the 2nd quarter valued at about $58,000. Palumbo Wealth Management LLC bought a new position in shares of Beta Bionics during the 2nd quarter valued at approximately $431,000. Goldman Sachs Group Inc. bought a new position in shares of Beta Bionics during the 1st quarter valued at approximately $715,000. Finally, Rhumbline Advisers purchased a new stake in Beta Bionics in the 1st quarter worth approximately $158,000.

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.