Beta Bionics (NASDAQ:BBNX) Hits New 52-Week Low After Earnings Miss

Beta Bionics, Inc. (NASDAQ:BBNX)’s share price reached a new 52-week low on Wednesday following a dissappointing earnings announcement. The stock traded as low as $13.10 and last traded at $13.40, with a volume of 121415 shares trading hands. The stock had previously closed at $15.22.

The company reported ($1.82) EPS for the quarter, missing the consensus estimate of ($0.42) by ($1.40). The business had revenue of $20.44 million for the quarter, compared to the consensus estimate of $20.01 million.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Lake Street Capital started coverage on Beta Bionics in a research note on Monday, February 24th. They set a “buy” rating and a $30.00 price target for the company. Piper Sandler began coverage on Beta Bionics in a research report on Monday, February 24th. They set an “overweight” rating and a $26.00 target price for the company. LADENBURG THALM/SH SH initiated coverage on shares of Beta Bionics in a report on Thursday, February 20th. They issued a “neutral” rating and a $20.00 price target on the stock. Robert W. Baird started coverage on shares of Beta Bionics in a report on Thursday, February 20th. They set a “neutral” rating and a $20.00 price objective for the company. Finally, Stifel Nicolaus initiated coverage on shares of Beta Bionics in a research note on Monday, February 24th. They issued a “buy” rating and a $25.00 target price on the stock. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.83.

Insider Transactions at Beta Bionics

In related news, insider Mike Mensinger purchased 33,350 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was acquired at an average price of $17.00 per share, with a total value of $566,950.00. Following the completion of the acquisition, the insider now owns 59,019 shares in the company, valued at approximately $1,003,323. This represents a 129.92 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Hadley Harbor Aggre Wellington purchased 1,000,000 shares of the stock in a transaction on Friday, January 31st. The shares were purchased at an average cost of $17.00 per share, with a total value of $17,000,000.00. Following the transaction, the insider now owns 3,901,599 shares in the company, valued at $66,327,183. This trade represents a 34.46 % increase in their position. The disclosure for this purchase can be found here.

Beta Bionics Stock Performance

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.