Beta Bionics (NASDAQ:BBNX) Stock Price Down 5.7% – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX) shares were down 5.7% on Tuesday . The company traded as low as $16.00 and last traded at $16.03. Approximately 347,071 shares traded hands during trading, a decline of 69% from the average daily volume of 1,137,099 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BBNX. Stifel Nicolaus decreased their price objective on shares of Beta Bionics from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Weiss Ratings lowered Beta Bionics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group dropped their price objective on Beta Bionics from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Truist Financial reduced their target price on Beta Bionics from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Finally, Wall Street Zen lowered shares of Beta Bionics from a “hold” rating to a “sell” rating in a research note on Sunday, March 29th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.70.

Beta Bionics Stock Performance

The stock has a market cap of $709.20 million, a price-to-earnings ratio of -10.54 and a beta of 3.40. The company has a 50-day simple moving average of $12.23 and a two-hundred day simple moving average of $15.41.

Beta Bionics (NASDAQ:BBNX) last issued 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. Beta Bionics had a negative return on equity of 23.00% and a negative net margin of 60.27%.The company had revenue of $27.63 million during the quarter. As a group, sell-side analysts predict that Beta Bionics, Inc. will post -2.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mike Mensinger sold 4,378 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $12.61, for a total value of $55,206.58. Following the completion of the sale, the insider owned 184,415 shares in the company, valued at $2,325,473.15. This represents a 2.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steven Jon Russell sold 4,222 shares of the 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 $53,239.42. Following the sale, the insider directly owned 173,849 shares of the company’s stock, valued at $2,192,235.89. The trade was a 2.37% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 30,351 shares of company stock valued at $383,559. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beta Bionics

A number of hedge funds have recently made changes to their positions in BBNX. JPMorgan Chase & Co. raised its position in Beta Bionics by 3,238.0% in the third quarter. JPMorgan Chase & Co. now owns 205,955 shares of the company’s stock worth $4,092,000 after acquiring an additional 199,785 shares during the period. Pura Vida Investments LLC grew 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 valued at $5,588,000 after acquiring an additional 278,750 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Beta Bionics during the 4th quarter worth approximately $4,579,000. Farallon Capital Management LLC increased 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 last quarter. Finally, First Eagle Investment Management LLC bought a new stake in shares of Beta Bionics in the 3rd quarter worth approximately $4,634,000.

Beta Bionics Company Profile

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.