Beta Bionics (NASDAQ:BBNX) Given New $37.00 Price Target at Truist Financial

Beta Bionics (NASDAQ:BBNX) had its price objective lifted by research analysts at Truist Financial from $32.00 to $37.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 27.54% from the stock’s current price.

A number of other brokerages have also issued reports on BBNX. The Goldman Sachs Group increased their target price on shares of Beta Bionics from $26.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Lake Street Capital reiterated a “buy” rating and issued a $35.00 target price on shares of Beta Bionics in a report on Wednesday, October 29th. Piper Sandler reiterated an “overweight” rating and issued a $32.00 target price (up previously from $26.00) on shares of Beta Bionics in a research report on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beta Bionics in a research note on Monday. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $31.00 price objective (up from $26.00) on shares of Beta Bionics in a research note on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Beta Bionics presently has a consensus rating of “Moderate Buy” and an average price target of $29.33.

Beta Bionics Stock Down 0.6%

Shares of Beta Bionics stock opened at $29.01 on Thursday. The firm has a market cap of $1.28 billion and a P/E ratio of -6.64. The business has a 50-day moving average price of $26.65 and a 200 day moving average price of $20.92. Beta Bionics has a fifty-two week low of $8.89 and a fifty-two week high of $32.71.

Beta Bionics (NASDAQ:BBNX) last posted its quarterly earnings results on Tuesday, October 28th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.12. Beta Bionics had a negative net margin of 87.89% and a negative return on equity of 35.72%. The company had revenue of $27.25 million for the quarter, compared to the consensus estimate of $23.92 million.

Insider Buying and Selling

In related news, Director Adam Lezack sold 1,406 shares of Beta Bionics stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $26.87, for a total transaction of $37,779.22. Following the completion of the transaction, the director owned 9,841 shares in the company, valued at approximately $264,427.67. This trade represents a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Stephen Feider sold 1,427 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $29.34, for a total transaction of $41,868.18. Following the completion of the transaction, the chief financial officer directly owned 42,614 shares in the company, valued at $1,250,294.76. The trade was a 3.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 25,302 shares of company stock worth $568,505.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BBNX. GPS Wealth Strategies Group LLC lifted its holdings in Beta Bionics by 45.0% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 1,450 shares of the company’s stock worth $29,000 after buying an additional 450 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Beta Bionics by 203.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,377 shares of the company’s stock valued at $47,000 after acquiring an additional 1,594 shares during the period. Verition Fund Management LLC grew its stake in shares of Beta Bionics by 4.0% in the 3rd quarter. Verition Fund Management LLC now owns 47,299 shares of the company’s stock valued at $940,000 after buying an additional 1,823 shares during the period. Ameritas Investment Partners Inc. grew its stake in Beta Bionics by 139.1% in the third quarter. Ameritas Investment Partners Inc. now owns 3,202 shares of the company’s stock valued at $64,000 after acquiring an additional 1,863 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Beta Bionics by 10.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,558 shares of the company’s stock valued at $343,000 after purchasing an additional 2,205 shares in the last quarter.

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.