Beta Bionics (NASDAQ:BBNX) Reaches New 52-Week Low on Disappointing Earnings

Beta Bionics, Inc. (NASDAQ:BBNX)’s stock price reached a new 52-week low during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $13.10 and last traded at $13.40, with a volume of 121415 shares traded. 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 during the quarter, compared to the consensus estimate of $20.01 million.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BBNX shares. Baird R W upgraded Beta Bionics to a “hold” rating in a report on Thursday, February 20th. Bank of America assumed coverage on shares of Beta Bionics in a report on Monday, February 24th. They set a “buy” rating for the company. Piper Sandler began coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued an “overweight” rating and a $26.00 price objective for the company. Robert W. Baird started coverage on Beta Bionics in a report on Thursday, February 20th. They issued a “neutral” rating and a $20.00 target price for the company. Finally, Leerink Partners assumed coverage on Beta Bionics in a research note on Monday, February 24th. They issued an “outperform” rating and a $28.00 price target on the stock. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.83.

Insider Activity

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