Beta Bionics (NASDAQ:BBNX) Hits New 52-Week Low - Here's Why

Shares of Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $18.00 and last traded at $18.20, with a volume of 181398 shares trading hands. The stock had previously closed at $20.98.

Analyst Ratings Changes

BBNX has been the topic of a number of recent analyst reports. Bank of America initiated coverage on shares of Beta Bionics in a report on Monday, February 24th. They set a "buy" rating on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Beta Bionics in a report on Thursday, February 20th. They set a "neutral" rating and a $20.00 price target on the stock. Leerink Partnrs upgraded shares of Beta Bionics to a "strong-buy" rating in a report on Monday, February 24th. Lake Street Capital initiated coverage on shares of Beta Bionics in a report on Monday, February 24th. They set a "buy" rating and a $30.00 price target on the stock. Finally, Baird R W upgraded shares of Beta Bionics to a "hold" rating in a research note on Thursday, February 20th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Beta Bionics currently has a consensus rating of "Moderate Buy" and an average price target of $24.83.

Beta Bionics Stock Down 9.4 %

Insiders Place Their Bets

In other news, major shareholder Hadley Harbor Aggre Wellington acquired 1,000,000 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The stock was acquired at an average cost 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mike Mensinger acquired 33,350 shares of the firm's stock in a transaction that occurred on 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 acquisition, the insider now owns 59,019 shares in the company, valued at $1,003,323. This trade represents a 129.92 % increase in their position. The disclosure for this purchase can be found here.

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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.