Beta Bionics (NASDAQ:BBNX) Shares Down 3% – Here’s What Happened

Beta Bionics, Inc. (NASDAQ:BBNX) traded down 3% during mid-day trading on Monday . The stock traded as low as $14.60 and last traded at $14.64. 100,121 shares changed hands during trading, a decline of 78% from the average session volume of 453,908 shares. The stock had previously closed at $15.10.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Leerink Partners started coverage on shares of Beta Bionics in a research note on Monday, February 24th. They set an “outperform” rating and a $28.00 price objective on the stock. Stifel Nicolaus initiated coverage on Beta Bionics in a research note on Monday, February 24th. They issued a “buy” rating and a $25.00 price objective on the stock. LADENBURG THALM/SH SH began coverage on Beta Bionics in a research note on Thursday, February 20th. They set a “neutral” rating and a $20.00 target price for the company. Leerink Partnrs raised Beta Bionics to a “strong-buy” rating in a report on Monday, February 24th. Finally, Robert W. Baird initiated coverage on Beta Bionics in a research note on Thursday, February 20th. They issued a “neutral” rating and a $20.00 price target for the company. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Beta Bionics currently has an average rating of “Moderate Buy” and an average price target of $24.83.

Beta Bionics Stock Performance

Insider Activity at Beta Bionics

In other news, insider Mike Mensinger purchased 33,350 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was bought at an average cost of $17.00 per share, for a total transaction 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. The trade was a 129.92 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Hadley Harbor Aggre Wellington acquired 1,000,000 shares of the business’s stock in a transaction that occurred 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 acquisition, the insider now owns 3,901,599 shares in the company, valued at $66,327,183. This 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.