Beta Bionics (NASDAQ:BBNX) Reaches New 12-Month Low - Here's What Happened

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) hit a new 52-week low during trading on Tuesday . The company traded as low as $11.29 and last traded at $12.24, with a volume of 933182 shares traded. The stock had previously closed at $11.71.

Analysts Set New Price Targets

BBNX has been the subject of several analyst reports. Leerink Partners began coverage on shares of Beta Bionics in a research note on Monday, February 24th. They issued an "outperform" rating and a $28.00 target price for the company. Baird R W upgraded shares of Beta Bionics to a "hold" rating in a research report on Thursday, February 20th. Bank of America began coverage on shares of Beta Bionics in a research note on Monday, February 24th. They set a "buy" rating on the stock. LADENBURG THALM/SH SH initiated coverage on Beta Bionics in a research note on Thursday, February 20th. They issued a "neutral" rating and a $20.00 price target for the company. Finally, Leerink Partnrs upgraded Beta Bionics to a "strong-buy" rating in a research report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.83.

Beta Bionics Stock Performance

The stock's 50 day moving average price is $17.94.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last released its earnings results on Tuesday, March 25th. The company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($1.40). The firm had revenue of $20.44 million during the quarter, compared to analyst estimates of $20.01 million.

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Insider Transactions at Beta Bionics

In other Beta Bionics news, insider Mike Mensinger purchased 33,350 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were purchased at an average cost of $17.00 per share, with a total value of $566,950.00. Following the completion of the purchase, the insider now owns 59,019 shares in the company, valued at approximately $1,003,323. This represents a 129.92 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Hadley Harbor Aggre Wellington acquired 1,000,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The shares were acquired at an average cost of $17.00 per share, with a total value of $17,000,000.00. Following the purchase, the insider now owns 3,901,599 shares in the company, valued at $66,327,183. This represents a 34.46 % increase in their position. The disclosure for this purchase can be found here.

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.