Beta Bionics (NASDAQ:BBNX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Beta Bionics (NASDAQ:BBNX) from a sell rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. Robert W. Baird increased their price target on Beta Bionics from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, September 15th. The Goldman Sachs Group lifted their price objective on shares of Beta Bionics from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Bank of America upped their price objective on shares of Beta Bionics from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, September 15th. William Blair began coverage on shares of Beta Bionics in a research report on Friday, August 21st. They issued a “market perform” rating on the stock. Finally, Leerink Partners raised their target price on shares of Beta Bionics from $24.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, September 14th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.90.

Beta Bionics Stock Performance

Shares of NASDAQ:BBNX opened at $22.04 on Friday. Beta Bionics has a 52-week low of $8.80 and a 52-week high of $32.71. The company has a market capitalization of $991.58 million, a P/E ratio of -13.36 and a beta of 3.37. The company has a 50-day simple moving average of $17.76 and a 200 day simple moving average of $14.13.

Beta Bionics (NASDAQ:BBNX) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.53) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.09. The firm had revenue of $32.01 million for the quarter. Beta Bionics had a negative return on equity of 26.30% and a negative net margin of 61.31%. As a group, equities analysts forecast that Beta Bionics will post -2.06 earnings per share for the current year.

Insider Buying and Selling at Beta Bionics

In related news, insider Mark Hopman sold 30,779 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $20.13, for a total value of $619,581.27. Following the completion of the sale, the insider directly owned 56,479 shares in the company, valued at approximately $1,136,922.27. The trade was a 35.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mike Mensinger sold 2,650 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $22.00, for a total value of $58,300.00. Following the sale, the insider directly owned 177,390 shares in the company, valued at $3,902,580. This represents a 1.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 103,561 shares of company stock valued at $1,962,504 in the last three months. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of Beta Bionics

Several large investors have recently modified their holdings of the stock. Perceptive Advisors LLC raised its position in shares of Beta Bionics by 39.8% in the 1st quarter. Perceptive Advisors LLC now owns 842,944 shares of the company’s stock valued at $8,446,000 after buying an additional 240,000 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Beta Bionics during the 2nd quarter worth approximately $52,340,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Beta Bionics in the fourth quarter valued at approximately $40,437,000. Bruce & Co. Inc. bought a new position in Beta Bionics in the first quarter valued at approximately $5,518,000. Finally, Y Intercept Hong Kong Ltd raised its position in Beta Bionics by 4,236.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 485,854 shares of the company’s stock valued at $4,868,000 after purchasing an additional 474,651 shares in the last quarter.

About Beta Bionics

Beta Bionics, Inc is a medical technology company focused on developing automated insulin-delivery systems for people with diabetes. Its principal product is the iLet Bionic Pancreas, an automated insulin-delivery system designed to simplify diabetes management by using continuous glucose monitoring data to adjust insulin dosing with limited user input.

The iLet Bionic Pancreas received clearance from the U.S. Food and Drug Administration in 2023 for use by people with type 1 diabetes.