Beta Bionics (NASDAQ:BBNX) Reaches New 52-Week High – Here’s Why

Beta Bionics, Inc. (NASDAQ:BBNX) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $31.22 and last traded at $31.03, with a volume of 348864 shares trading hands. The stock had previously closed at $28.40.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BBNX. Wall Street Zen raised Beta Bionics from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 1st. Truist Financial restated a “buy” rating and set a $32.00 target price (up from $28.00) on shares of Beta Bionics in a research report on Wednesday, October 29th. Robert W. Baird set a $23.00 price target on shares of Beta Bionics in a research note on Wednesday, October 29th. Piper Sandler restated an “overweight” rating and issued a $32.00 price objective (up from $26.00) on shares of Beta Bionics in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Beta Bionics in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.22.

Beta Bionics Stock Performance

The firm has a market capitalization of $1.40 billion and a price-to-earnings ratio of -7.26. The firm has a fifty day moving average price of $23.72 and a 200 day moving average price of $18.82.

Beta Bionics (NASDAQ:BBNX) last posted its quarterly earnings results on Tuesday, October 28th. The company reported ($0.33) earnings per share 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 business had revenue of $27.25 million for the quarter, compared to analysts’ expectations of $23.92 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Transactions at Beta Bionics

In other news, Director Adam Lezack sold 1,406 shares of the firm’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $26.87, for a total value of $37,779.22. Following the completion of the transaction, the director owned 9,841 shares in the company, valued at $264,427.67. This trade represents a 12.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Stephen Feider sold 4,982 shares of Beta Bionics stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $21.69, for a total transaction of $108,059.58. Following the transaction, the chief financial officer owned 44,041 shares of the company’s stock, valued at approximately $955,249.29. The trade was a 10.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 45,555 shares of company stock worth $951,562 over the last quarter.

Hedge Funds Weigh In On Beta Bionics

Several large investors have recently added to or reduced their stakes in the business. GPS Wealth Strategies Group LLC increased its position in Beta Bionics by 45.0% during the third quarter. GPS Wealth Strategies Group LLC now owns 1,450 shares of the company’s stock worth $29,000 after purchasing an additional 450 shares during the last quarter. Strs Ohio purchased a new stake in shares of Beta Bionics during the 1st quarter valued at $29,000. EverSource Wealth Advisors LLC increased its holdings 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 worth $47,000 after buying an additional 1,594 shares during the last quarter. CWM LLC acquired a new stake in shares of Beta Bionics during the 2nd quarter worth $58,000. Finally, Legal & General Group Plc raised its position in shares of Beta Bionics by 197.4% in the 2nd quarter. Legal & General Group Plc now owns 3,976 shares of the company’s stock worth $58,000 after buying an additional 2,639 shares during the period.

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.