Beta Bionics (NASDAQ:BBNX) Shares Gap Up – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX)’s share price gapped up prior to trading on Friday . The stock had previously closed at $10.61, but opened at $11.21. Beta Bionics shares last traded at $12.3130, with a volume of 244,216 shares changing hands.

Wall Street Analyst Weigh In

BBNX has been the subject of a number of recent research reports. Stifel Nicolaus decreased their price target on shares of Beta Bionics from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Truist Financial decreased their price target on shares of Beta Bionics from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Wall Street Zen cut shares of Beta Bionics from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. Bank of America decreased their price target on shares of Beta Bionics from $23.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Leerink Partners decreased their price target on shares of Beta Bionics from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Beta Bionics Price Performance

The company’s 50 day moving average is $10.57 and its 200 day moving average is $18.26. The stock has a market cap of $525.32 million, a price-to-earnings ratio of -7.81 and a beta of 3.29.

Beta Bionics (NASDAQ:BBNX) last announced its quarterly earnings data on Tuesday, April 21st. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.04. Beta Bionics had a negative net margin of 60.27% and a negative return on equity of 23.00%. The firm had revenue of $27.63 million during the quarter. Sell-side analysts predict that Beta Bionics, Inc. will post -2.19 earnings per share for the current year.

Institutional Trading of Beta Bionics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GPS Wealth Strategies Group LLC lifted 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 valued at $29,000 after buying an additional 450 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Beta Bionics during the fourth quarter worth about $52,000. Caitong International Asset Management Co. Ltd grew its position in shares of Beta Bionics by 1,075.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,987 shares of the company’s stock worth $61,000 after acquiring an additional 1,818 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Beta Bionics by 203.6% during the third quarter. EverSource Wealth Advisors LLC now owns 2,377 shares of the company’s stock worth $47,000 after acquiring an additional 1,594 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Beta Bionics during the first quarter worth about $29,000.

About Beta Bionics

Beta Bionics, a clinical-stage medical device company headquartered in Boston, Massachusetts, is focused on revolutionizing the management of type 1 diabetes through automated insulin delivery solutions. The company’s flagship product, the iLet Bionic Pancreas system, is designed to simplify glycemic control by automatically adjusting insulin dosing in response to continuous glucose monitoring data. By integrating advanced algorithmic control with wearable infusion pumps, the iLet aims to reduce the daily burden of diabetes management and improve clinical outcomes for patients.

At the core of Beta Bionics’ offering is its proprietary bionic pancreas software, which can operate in both insulin-only and dual?hormone modes.