Beta Bionics (NASDAQ:BBNX) Price Target Raised to $28.00

Beta Bionics (NASDAQ:BBNX) had its target price upped by Truist Financial from $21.00 to $28.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on the company. Lake Street Capital initiated coverage on Beta Bionics in a report on Thursday, June 12th. They set a “buy” rating and a $30.00 price target on the stock. Wolfe Research initiated coverage on Beta Bionics in a report on Friday, May 30th. They set an “outperform” rating and a $20.00 price target on the stock. The Goldman Sachs Group initiated coverage on Beta Bionics in a report on Friday, May 30th. They set a “neutral” rating and a $16.00 price target on the stock. Finally, Robert W. Baird set a $17.00 price target on Beta Bionics and gave the stock a “neutral” rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.33.

Beta Bionics Price Performance

BBNX opened at $22.73 on Monday. The stock’s 50-day moving average price is $18.33 and its 200 day moving average price is $15.52. Beta Bionics has a 12-month low of $8.89 and a 12-month high of $26.66.

Beta Bionics (NASDAQ:BBNX) last posted its earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.12. The firm had revenue of $23.24 million for the quarter, compared to analyst estimates of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Transactions at Beta Bionics

In other news, insider Mark Hopman sold 16,158 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total value of $268,384.38. Following the transaction, the insider owned 34,132 shares in the company, valued at approximately $566,932.52. This represents a 32.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Stephen Feider sold 5,587 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $17.03, for a total value of $95,146.61. Following the completion of the transaction, the chief financial officer owned 45,503 shares in the company, valued at approximately $774,916.09. The trade was a 10.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,901 shares of company stock worth $894,710.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BBNX. Eventide Asset Management LLC purchased a new position in shares of Beta Bionics in the 1st quarter valued at about $60,307,000. Wellington Management Group LLP purchased a new position in shares of Beta Bionics in the 1st quarter valued at about $47,346,000. Sands Capital Ventures LLC purchased a new position in Beta Bionics during the 1st quarter worth approximately $37,990,000. Omega Fund Management LLC purchased a new position in Beta Bionics during the 1st quarter worth approximately $24,337,000. Finally, Divisadero Street Capital Management LP purchased a new position in Beta Bionics during the 2nd quarter worth approximately $13,817,000.

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.