Beta Bionics (NASDAQ:BBNX) Reaches New 12-Month Low Following Weak Earnings

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s share price reached a new 52-week low during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.10 and last traded at $13.40, with a volume of 121415 shares. The stock had previously closed at $15.22.

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 for the quarter, compared to the consensus estimate of $20.01 million.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BBNX. LADENBURG THALM/SH SH started coverage on Beta Bionics in a research note on Thursday, February 20th. They issued a "neutral" rating and a $20.00 price objective for the company. Lake Street Capital initiated coverage on shares of Beta Bionics in a research note on Monday, February 24th. They set a "buy" rating and a $30.00 price target for the company. Robert W. Baird started coverage on shares of Beta Bionics in a research note on Thursday, February 20th. They issued a "neutral" rating and a $20.00 price objective on the stock. Leerink Partners started coverage on shares of Beta Bionics in a research report on Monday, February 24th. They set an "outperform" rating and a $28.00 target price for the company. Finally, Stifel Nicolaus assumed coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued a "buy" rating and a $25.00 target price on the stock. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.83.

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Insider Transactions at Beta Bionics

In related news, major shareholder Hadley Harbor Aggre Wellington bought 1,000,000 shares of the company's stock in a transaction on Friday, January 31st. The shares were purchased at an average cost 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 in the company, valued at $66,327,183. The trade was a 34.46 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mike Mensinger purchased 33,350 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were bought at an average price of $17.00 per share, with a total value of $566,950.00. Following the purchase, the insider now owns 59,019 shares in the company, valued at $1,003,323. The trade was a 129.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Beta Bionics Stock Down 7.6 %

The business's 50 day moving average price is $18.76.

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.