Beta Bionics (NASDAQ:BBNX) Reaches New 52-Week Low – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX) hit a new 52-week low during mid-day 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Bank of America assumed coverage on shares of Beta Bionics in a research note on Monday, February 24th. They issued a “buy” rating for the company. Leerink Partnrs upgraded shares of Beta Bionics to a “strong-buy” rating in a research report on Monday, February 24th. Leerink Partners assumed coverage on Beta Bionics in a research note on Monday, February 24th. They issued an “outperform” rating and a $28.00 target price for the company. LADENBURG THALM/SH SH initiated coverage on Beta Bionics in a report on Thursday, February 20th. They issued a “neutral” rating and a $20.00 price target for the company. Finally, Piper Sandler assumed coverage on Beta Bionics in a report on Monday, February 24th. They set an “overweight” rating and a $26.00 price objective on the stock. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Beta Bionics has an average rating of “Moderate Buy” and a consensus price target of $24.83.

Beta Bionics Price Performance

The firm has a 50-day moving average price of $18.28.

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

Insider Buying and Selling at Beta Bionics

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