Beta Bionics (NASDAQ:BBNX) Stock Price Up 2.8% – Here’s Why

Beta Bionics, Inc. (NASDAQ:BBNX)’s stock price rose 2.8% during mid-day trading on Monday . The stock traded as high as $12.14 and last traded at $12.04. Approximately 144,117 shares traded hands during trading, a decline of 70% from the average daily volume of 482,004 shares. The stock had previously closed at $11.71.

Analyst Upgrades and Downgrades

Several research firms recently commented on BBNX. Stifel Nicolaus initiated coverage on Beta Bionics in a research report on Monday, February 24th. They set a “buy” rating and a $25.00 target price for the company. Leerink Partners began coverage on Beta Bionics in a report on Monday, February 24th. They set an “outperform” rating and a $28.00 price objective for the company. LADENBURG THALM/SH SH initiated coverage on shares of Beta Bionics in a research note on Thursday, February 20th. They issued a “neutral” rating and a $20.00 target price on the stock. Baird R W raised shares of Beta Bionics to a “hold” rating in a research note on Thursday, February 20th. Finally, Bank of America initiated coverage on shares of Beta Bionics in a research report on Monday, February 24th. They set a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Beta Bionics currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.83.

Beta Bionics Stock Performance

The company has a 50 day simple moving average of $18.43.

Beta Bionics (NASDAQ:BBNX) last released its quarterly earnings data on Tuesday, March 25th. The company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 Activity at Beta Bionics

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

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.