Beta Bionics (NASDAQ:BBNX) Sets New 52-Week Low – Here’s Why

Beta Bionics, Inc. (NASDAQ:BBNX) shares reached a new 52-week low on Monday . The stock traded as low as $15.41 and last traded at $15.59, with a volume of 84433 shares trading hands. The stock had previously closed at $16.14.

Analyst Ratings Changes

BBNX has been the subject of several research analyst reports. Baird R W raised shares of Beta Bionics to a “hold” rating in a research note on Thursday, February 20th. Bank of America initiated coverage on shares of Beta Bionics in a research report on Monday, February 24th. They set a “buy” rating for the company. Piper Sandler initiated coverage on shares of Beta Bionics in a research report on Monday, February 24th. They set 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. Finally, Robert W. Baird initiated coverage on shares of Beta Bionics in a research report on Thursday, February 20th. They set a “neutral” rating and a $20.00 price objective for the company. Three equities 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. According to data from MarketBeat.com, Beta Bionics currently has an average rating of “Moderate Buy” and an average price target of $24.83.

Beta Bionics Price Performance

Insider Transactions at Beta Bionics

In related news, insider Mike Mensinger purchased 33,350 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 $566,950.00. Following the purchase, the insider now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock was bought at an average cost of $17.00 per share, for a total transaction of $17,000,000.00. Following the purchase, the insider now directly owns 3,901,599 shares in the company, valued at $66,327,183. This trade represents 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.