Beta Bionics (NASDAQ:BBNX) Price Target Raised to $37.00

Beta Bionics (NASDAQ:BBNX) had its price objective lifted by analysts at Truist Financial from $32.00 to $37.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 27.54% from the company’s current price.

A number of other analysts have also issued reports on BBNX. Robert W. Baird set a $28.00 price objective on Beta Bionics in a research note on Tuesday. Piper Sandler reiterated an “overweight” rating and set a $32.00 price target (up from $26.00) on shares of Beta Bionics in a research report on Wednesday, October 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Beta Bionics in a research report on Monday. Wall Street Zen raised shares of Beta Bionics from a “strong sell” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $31.00 target price (up from $26.00) on shares of Beta Bionics in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.33.

Beta Bionics Stock Performance

BBNX stock opened at $29.01 on Thursday. The company has a market capitalization of $1.28 billion and a price-to-earnings ratio of -6.64. Beta Bionics has a fifty-two week low of $8.89 and a fifty-two week high of $32.71. The stock has a fifty day moving average of $26.65 and a 200-day moving average of $20.92.

Beta Bionics (NASDAQ:BBNX) last announced its quarterly earnings results on Tuesday, October 28th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.12. Beta Bionics had a negative net margin of 87.89% and a negative return on equity of 35.72%. The company had revenue of $27.25 million for the quarter, compared to analysts’ expectations of $23.92 million.

Insider Activity at Beta Bionics

In other news, Director Adam Lezack sold 1,406 shares of Beta Bionics stock in a transaction on Friday, October 31st. The shares were sold at an average price of $26.87, for a total transaction of $37,779.22. Following the completion of the sale, the director directly owned 9,841 shares of the company’s stock, valued at approximately $264,427.67. The trade was a 12.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mike Mensinger sold 1,063 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $29.34, for a total value of $31,188.42. Following the sale, the insider owned 90,752 shares in the company, valued at $2,662,663.68. The trade was a 1.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 25,302 shares of company stock worth $568,505 over the last quarter.

Hedge Funds Weigh In On Beta Bionics

Institutional investors and hedge funds have recently made changes to their positions in the business. Eventide Asset Management LLC grew its stake in shares of Beta Bionics by 0.5% during the third quarter. Eventide Asset Management LLC now owns 4,957,252 shares of the company’s stock valued at $98,500,000 after buying an additional 24,901 shares during the last quarter. Farallon Capital Management LLC increased its stake in Beta Bionics by 2.6% in 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. Wellington Management Group LLP bought a new stake in Beta Bionics in the first quarter valued at approximately $47,346,000. Soleus Capital Management L.P. increased its position in shares of Beta Bionics by 12.5% in the second quarter. Soleus Capital Management L.P. now owns 3,820,158 shares of the company’s stock valued at $55,622,000 after acquiring an additional 424,817 shares during the period. Finally, Sands Capital Alternatives LLC increased its holdings in Beta Bionics by 15.0% during the 2nd quarter. Sands Capital Alternatives LLC now owns 3,570,113 shares of the company’s stock valued at $51,981,000 after purchasing an additional 466,331 shares during the period.

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.