Beta Bionics, Inc. (NASDAQ:BBNX) Sees Significant Drop in Short Interest

Beta Bionics, Inc. (NASDAQ:BBNX) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 4,170,000 shares, a drop of 34.6% from the September 30th total of 6,380,000 shares. Approximately 12.7% of the company’s shares are short sold. Based on an average daily trading volume, of 792,100 shares, the days-to-cover ratio is presently 5.3 days. Based on an average daily trading volume, of 792,100 shares, the days-to-cover ratio is presently 5.3 days. Approximately 12.7% of the company’s shares are short sold.

Beta Bionics Stock Performance

Shares of Beta Bionics stock opened at $27.22 on Friday. The business’s 50 day simple moving average is $21.86 and its 200 day simple moving average is $17.28. Beta Bionics has a 52-week low of $8.89 and a 52-week high of $30.47. The firm has a market cap of $1.20 billion and a PE ratio of -6.23.

Beta Bionics (NASDAQ:BBNX) last announced its earnings results on Tuesday, October 28th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.12. Beta Bionics had a negative return on equity of 35.72% and a negative net margin of 87.89%.The business had revenue of $27.25 million for the quarter, compared to analyst estimates of $23.92 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Buying and Selling at Beta Bionics

In related news, CFO Stephen Feider sold 4,982 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $21.69, for a total transaction of $108,059.58. Following the sale, the chief financial officer owned 44,041 shares of the company’s stock, valued at approximately $955,249.29. This trade represents a 10.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Hopman sold 11,411 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $20.56, for a total value of $234,610.16. Following the sale, the insider directly owned 31,215 shares in the company, valued at $641,780.40. The trade was a 26.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 68,901 shares of company stock worth $1,314,543 in the last ninety days.

Institutional Trading of Beta Bionics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strs Ohio acquired a new stake in shares of Beta Bionics in the first quarter valued at about $29,000. Legal & General Group Plc increased its position in shares of Beta Bionics by 197.4% in the second quarter. Legal & General Group Plc now owns 3,976 shares of the company’s stock valued at $58,000 after acquiring an additional 2,639 shares during the last quarter. CWM LLC acquired a new stake in shares of Beta Bionics in the second quarter valued at about $58,000. Corebridge Financial Inc. acquired a new stake in shares of Beta Bionics in the first quarter valued at about $79,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Beta Bionics in the first quarter valued at about $95,000.

Analyst Upgrades and Downgrades

Several analysts recently commented on BBNX shares. Stifel Nicolaus reaffirmed a “buy” rating and set a $31.00 price objective (up previously from $26.00) on shares of Beta Bionics in a research note on Wednesday. Robert W. Baird set a $23.00 price objective on Beta Bionics in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Beta Bionics in a research note on Wednesday, October 8th. Truist Financial restated a “buy” rating and issued a $32.00 price target (up from $28.00) on shares of Beta Bionics in a report on Wednesday. Finally, Lake Street Capital reiterated a “buy” rating and set a $35.00 price objective on shares of Beta Bionics in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.22.

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.