Beta Bionics (NASDAQ:BBNX) Stock Price Down 3% – Here’s Why

Beta Bionics, Inc. (NASDAQ:BBNX)’s stock price fell 3% during mid-day trading on Monday . The stock traded as low as $14.60 and last traded at $14.64. 100,121 shares were traded during trading, a decline of 78% from the average session volume of 453,908 shares. The stock had previously closed at $15.10.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BBNX shares. LADENBURG THALM/SH SH started coverage on Beta Bionics in a report on Thursday, February 20th. They set a “neutral” rating and a $20.00 price objective on the stock. Leerink Partners began coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued an “outperform” rating and a $28.00 price objective for the company. Bank of America initiated coverage on shares of Beta Bionics in a research report on Monday, February 24th. They set a “buy” rating on the stock. Stifel Nicolaus started coverage on shares of Beta Bionics in a research note on Monday, February 24th. They set a “buy” rating and a $25.00 price target for the company. Finally, Lake Street Capital started coverage on Beta Bionics in a report on Monday, February 24th. They issued a “buy” rating and a $30.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Beta Bionics presently has an average rating of “Moderate Buy” and an average price target of $24.83.

Beta Bionics Stock Performance

Beta Bionics (NASDAQ:BBNX) last announced its earnings results on Tuesday, March 25th. The company reported ($1.82) EPS for the quarter, missing the consensus estimate of ($0.42) by ($1.40). The company had revenue of $20.44 million during the quarter, compared to the consensus estimate of $20.01 million.

Insider Activity

In other news, major shareholder Hadley Harbor Aggre Wellington acquired 1,000,000 shares of Beta Bionics stock in a transaction on Friday, January 31st. The stock was purchased at an average price of $17.00 per share, with a total value of $17,000,000.00. Following the completion of the purchase, the insider now owns 3,901,599 shares of the company’s stock, valued at approximately $66,327,183. The trade was a 34.46 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mike Mensinger acquired 33,350 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were purchased at an average price of $17.00 per share, with a total value of $566,950.00. Following the acquisition, the insider now owns 59,019 shares of the company’s stock, 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.