Beta Bionics (NASDAQ:BBNX) Trading Down 6.6% – Should You Sell?

Beta Bionics, Inc. (NASDAQ:BBNX) 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 traded 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 Ratings Changes

Several research analysts have recently commented on BBNX shares. Bank of America assumed coverage on Beta Bionics in a research report on Monday, February 24th. They issued a “buy” rating for the company. Piper Sandler assumed 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. Leerink Partnrs upgraded shares of Beta Bionics to a “strong-buy” rating in a research report on Monday, February 24th. Stifel Nicolaus began coverage on shares of Beta Bionics in a research report on Monday, February 24th. They set a “buy” rating and a $25.00 price objective for the company. Finally, LADENBURG THALM/SH SH began coverage on shares of Beta Bionics in a research note on Thursday, February 20th. They set a “neutral” rating and a $20.00 price objective on the stock. Three investment 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, Beta Bionics has a consensus rating of “Moderate Buy” and a consensus target price of $24.83.

Beta Bionics Price Performance

Insiders Place Their Bets

In other Beta Bionics news, major shareholder Hadley Harbor Aggre Wellington bought 1,000,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were purchased at an average price of $17.00 per share, with a total value of $17,000,000.00. Following the purchase, the insider now directly owns 3,901,599 shares of the company’s stock, valued at approximately $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 stock was acquired at an average cost of $17.00 per share, with a total value of $566,950.00. Following the purchase, the insider now owns 59,019 shares of the company’s stock, valued at approximately $1,003,323. This represents a 129.92 % 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.