Beta Bionics (NASDAQ:BBNX) Hits New 1-Year Low – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $11.29 and last traded at $12.24, with a volume of 933182 shares changing hands. The stock had previously closed at $11.71.

Analyst Ratings Changes

Several research firms have recently weighed in on BBNX. Bank of America started coverage on Beta Bionics in a research report on Monday, February 24th. They issued a “buy” rating for the company. Piper Sandler began coverage on Beta Bionics in a report on Monday, February 24th. They issued an “overweight” rating and a $26.00 target price for the company. LADENBURG THALM/SH SH assumed coverage on Beta Bionics in a report on Thursday, February 20th. They set a “neutral” rating and a $20.00 price target on the stock. Baird R W upgraded shares of Beta Bionics to a “hold” rating in a research note on Thursday, February 20th. Finally, Leerink Partnrs upgraded shares of Beta Bionics to a “strong-buy” rating in a research report on Monday, February 24th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Beta Bionics presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.83.

Beta Bionics Stock Up 4.5 %

The firm has a 50-day moving average of $18.60.

Beta Bionics (NASDAQ:BBNX) last released its quarterly earnings data on Tuesday, March 25th. The company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($1.40). The business had revenue of $20.44 million for the quarter, compared to analysts’ expectations of $20.01 million.

Insider Buying and Selling at Beta Bionics

In related news, insider Mike Mensinger bought 33,350 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were bought at an average price of $17.00 per share, with a total value of $566,950.00. Following the completion of the transaction, the insider now directly owns 59,019 shares in the company, valued at approximately $1,003,323. This represents a 129.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Hadley Harbor Aggre Wellington purchased 1,000,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was bought at an average cost of $17.00 per share, with a total value of $17,000,000.00. Following the completion of the transaction, the insider now directly owns 3,901,599 shares in the company, valued at $66,327,183. The trade was a 34.46 % increase in their position. The disclosure for this purchase can be found here.

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.