Beta Bionics (NASDAQ:BBNX) Shares Down 5.7% – Here’s Why

Shares of Beta Bionics, Inc. (NASDAQ:BBNX) fell 5.7% during mid-day trading on Friday . The company traded as low as $14.06 and last traded at $14.06. Approximately 109,929 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 478,887 shares. The stock had previously closed at $14.91.

Analysts Set New Price Targets

BBNX has been the topic of several research analyst reports. LADENBURG THALM/SH SH began coverage on Beta Bionics in a research note on Thursday, February 20th. They set a “neutral” rating and a $20.00 price target on the stock. Bank of America assumed coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued a “buy” rating on the stock. Lake Street Capital initiated coverage on shares of Beta Bionics in a research note on Monday, February 24th. They set a “buy” rating and a $30.00 price objective for the company. Leerink Partnrs upgraded shares of Beta Bionics to a “strong-buy” rating in a research note on Monday, February 24th. Finally, Baird R W upgraded shares of Beta Bionics to a “hold” rating in a research report on Thursday, February 20th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Beta Bionics currently has a consensus rating of “Moderate Buy” and an average target price of $24.83.

Beta Bionics Stock Performance

The firm has a 50-day moving average price of $12.64.

Beta Bionics (NASDAQ:BBNX) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.01).

Hedge Funds Weigh In On Beta Bionics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new position in Beta Bionics in the 1st quarter valued at about $158,000. Evanson Asset Management LLC purchased a new stake in shares of Beta Bionics during the first quarter worth $475,000. Bank of New York Mellon Corp purchased a new position in shares of Beta Bionics in the first quarter worth about $316,000. Values First Advisors Inc. acquired a new position in Beta Bionics during the first quarter worth about $457,000. Finally, Jennison Associates LLC purchased a new stake in Beta Bionics during the 1st quarter valued at about $828,000.

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.