Beta Bionics (NASDAQ:BBNX) Shares Down 7.7% – What’s Next?

Beta Bionics, Inc. (NASDAQ:BBNX)’s stock price fell 7.7% during trading on Tuesday . The company traded as low as $13.51 and last traded at $13.2770. 127,444 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,130,836 shares. The stock had previously closed at $14.38.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Lake Street Capital set a $20.00 target price on shares of Beta Bionics in a research note on Wednesday, February 18th. Wall Street Zen cut Beta Bionics from a “hold” rating to a “sell” rating in a research report on Sunday, March 29th. Robert W. Baird reduced their price objective on Beta Bionics from $28.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. The Goldman Sachs Group decreased their price objective on Beta Bionics from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, Bank of America lowered their target price on Beta Bionics from $23.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Beta Bionics presently has an average rating of “Moderate Buy” and an average target price of $19.70.

Beta Bionics Trading Up 2.9%

The company has a market capitalization of $604.59 million, a price-to-earnings ratio of -9.03 and a beta of 3.40. The firm’s 50 day simple moving average is $11.55 and its 200-day simple moving average is $16.23.

Beta Bionics (NASDAQ:BBNX) last released its earnings results on Tuesday, April 21st. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.04. The company had revenue of $27.63 million during the quarter. Beta Bionics had a negative net margin of 60.27% and a negative return on equity of 23.00%. As a group, sell-side analysts forecast that Beta Bionics, Inc. will post -2.22 EPS for the current fiscal year.

Insider Activity

In related news, Director Christy Jones sold 2,811 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $14.00, for a total value of $39,354.00. Following the completion of the sale, the director owned 27,400 shares in the company, valued at $383,600. This trade represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Stephen Feider sold 6,676 shares of Beta Bionics stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $12.61, for a total value of $84,184.36. Following the completion of the sale, the chief financial officer directly owned 166,053 shares in the company, valued at $2,093,928.33. This represents a 3.87% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 27,687 shares of company stock valued at $343,586 over the last ninety days. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beta Bionics

A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Beta Bionics by 3,238.0% in the third quarter. JPMorgan Chase & Co. now owns 205,955 shares of the company’s stock valued at $4,092,000 after acquiring an additional 199,785 shares during the period. Pura Vida Investments LLC boosted its position in shares of Beta Bionics by 11,150.0% during the 3rd quarter. Pura Vida Investments LLC now owns 281,250 shares of the company’s stock worth $5,588,000 after purchasing an additional 278,750 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Beta Bionics during the 4th quarter worth $4,579,000. Farallon Capital Management LLC grew its stake in shares of Beta Bionics by 2.6% during the 3rd quarter. Farallon Capital Management LLC now owns 4,313,920 shares of the company’s stock worth $85,718,000 after purchasing an additional 110,000 shares during the period. Finally, First Eagle Investment Management LLC purchased a new position in shares of Beta Bionics in the 3rd quarter valued at about $4,634,000.

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.