Beta Bionics (NASDAQ:BBNX) Shares Down 6.6% - Time to Sell?

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report)'s share price was down 6.6% during mid-day trading on Wednesday . The stock traded as low as $16.86 and last traded at $17.25. Approximately 79,354 shares changed hands during trading, a decline of 76% from the average daily volume of 325,039 shares. The stock had previously closed at $18.47.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BBNX shares. Lake Street Capital started coverage on shares of Beta Bionics in a report on Monday, February 24th. They set a "buy" rating and a $30.00 target price for the company. Bank of America started coverage on shares of Beta Bionics in a report on Monday, February 24th. They issued a "buy" rating for the company. Stifel Nicolaus started coverage on shares of Beta Bionics in a research report on Monday, February 24th. They issued a "buy" rating and a $25.00 price objective for the company. Robert W. Baird started coverage on shares of Beta Bionics in a research report on Thursday, February 20th. They issued a "neutral" rating and a $20.00 price objective for the company. Finally, Leerink Partnrs upgraded shares of Beta Bionics to a "strong-buy" rating in a research report on Monday, February 24th. Three equities research 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.83.

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Beta Bionics Price Performance

Insider Buying and Selling

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

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.