Beta Bionics (NASDAQ:BBNX) Trading Down 3% – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX)’s stock price dropped 3% on Friday . The company traded as low as $18.73 and last traded at $18.90. Approximately 40,475 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 1,166,167 shares. The stock had previously closed at $19.48.

Analysts Set New Price Targets

A number of research firms have commented on BBNX. Bank of America cut their target price on shares of Beta Bionics from $23.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. UBS Group started coverage on shares of Beta Bionics in a research note on Tuesday, July 28th. They set a “buy” rating and a $22.00 price objective on the stock. Truist Financial lifted their price objective on shares of Beta Bionics from $18.00 to $22.00 and gave the company a “buy” rating in a report on Monday, July 13th. William Blair initiated coverage on shares of Beta Bionics in a research note on Friday. They issued a “market perform” rating for the company. Finally, The Goldman Sachs Group upped their target price on Beta Bionics from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.10.

Beta Bionics Trading Down 1.5%

The stock has a market cap of $863.36 million, a PE ratio of -11.63 and a beta of 3.13. The business’s 50-day moving average price is $16.05 and its 200-day moving average price is $13.22.

Beta Bionics (NASDAQ:BBNX) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.09. The business had revenue of $32.01 million for the quarter. Beta Bionics had a negative return on equity of 26.30% and a negative net margin of 61.31%. As a group, analysts predict that Beta Bionics, Inc. will post -2.1 earnings per share for the current year.

Insider Transactions at Beta Bionics

In other Beta Bionics news, insider Steven Jon Russell sold 4,222 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $12.61, for a total transaction of $53,239.42. Following the sale, the insider owned 173,849 shares of the company’s stock, valued at approximately $2,192,235.89. The trade was a 2.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark Hopman sold 5,329 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $12.61, for a total transaction of $67,198.69. Following the transaction, the insider owned 130,887 shares in the company, valued at $1,650,485.07. The trade was a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 36,355 shares of company stock worth $512,943 over the last ninety days. 5.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beta Bionics

Several hedge funds have recently made changes to their positions in the company. Strs Ohio purchased a new position in Beta Bionics in the 1st quarter worth $29,000. Summit Securities Group LLC acquired a new position in shares of Beta Bionics in the fourth quarter valued at about $52,000. Legal & General Group Plc increased its holdings in shares of Beta Bionics by 197.4% in the second quarter. Legal & General Group Plc now owns 3,976 shares of the company’s stock valued at $58,000 after purchasing an additional 2,639 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of Beta Bionics by 1,075.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,987 shares of the company’s stock worth $61,000 after purchasing an additional 1,818 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Beta Bionics during the first quarter worth about $95,000.

Beta Bionics Company Profile

Beta Bionics, a clinical-stage medical device company headquartered in Boston, Massachusetts, is focused on revolutionizing the management of type 1 diabetes through automated insulin delivery solutions. The company’s flagship product, the iLet Bionic Pancreas system, is designed to simplify glycemic control by automatically adjusting insulin dosing in response to continuous glucose monitoring data. By integrating advanced algorithmic control with wearable infusion pumps, the iLet aims to reduce the daily burden of diabetes management and improve clinical outcomes for patients.

At the core of Beta Bionics’ offering is its proprietary bionic pancreas software, which can operate in both insulin-only and dual‐hormone modes.