Beta Bionics (NASDAQ:BBNX) Reaches New 1-Year Low on Disappointing Earnings

Beta Bionics, Inc. (NASDAQ:BBNX)’s share price hit a new 52-week low on Wednesday following a dissappointing earnings announcement. The company 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 company had revenue of $20.44 million during the quarter, compared to analysts’ expectations of $20.01 million.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Robert W. Baird initiated coverage on Beta Bionics in a research note on Thursday, February 20th. They set a “neutral” rating and a $20.00 target price for the company. Lake Street Capital initiated coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued a “buy” rating and a $30.00 target price for the company. Leerink Partners assumed coverage on shares of Beta Bionics in a research report on Monday, February 24th. They issued an “outperform” rating and a $28.00 target price on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Beta Bionics in a research report on Thursday, February 20th. They issued a “neutral” rating and a $20.00 price target for the company. Finally, Bank of America began coverage on Beta Bionics in a report on Monday, February 24th. They set a “buy” rating on the stock. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.83.

Insider Buying and Selling at Beta Bionics

In related news, major shareholder Hadley Harbor Aggre Wellington purchased 1,000,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was acquired at an average price of $17.00 per share, for a total transaction of $17,000,000.00. Following the completion of the purchase, the insider now directly owns 3,901,599 shares of the company’s stock, valued at $66,327,183. This trade represents a 34.46 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mike Mensinger purchased 33,350 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $1,003,323. This trade represents a 129.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Beta Bionics Stock Down 3.7 %

About Beta Bionics

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.