Short Interest in Beta Bionics, Inc. (NASDAQ:BBNX) Drops By 34.6%

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

Insider Buying and Selling

In other news, insider Mark Hopman sold 16,158 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total transaction of $268,384.38. Following the transaction, the insider owned 34,132 shares of the company’s stock, valued at approximately $566,932.52. This represents a 32.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Stephen Feider sold 15,018 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $20.76, for a total value of $311,773.68. Following the sale, the chief financial officer directly owned 44,041 shares in the company, valued at approximately $914,291.16. The trade was a 25.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 68,901 shares of company stock valued at $1,314,543.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Strs Ohio acquired a new position in Beta Bionics in the first quarter worth about $29,000. CWM LLC bought a new position in Beta Bionics during the second quarter worth about $58,000. Legal & General Group Plc lifted its position in Beta Bionics by 197.4% in the 2nd 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 in the last quarter. Corebridge Financial Inc. acquired a new stake in Beta Bionics in the 1st quarter valued at $79,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Beta Bionics in the 1st quarter valued at $95,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BBNX shares. Robert W. Baird set a $23.00 price objective on Beta Bionics in a research report on Wednesday, October 29th. Piper Sandler reissued an “overweight” rating and set a $32.00 target price (up previously from $26.00) on shares of Beta Bionics in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d)” rating on shares of Beta Bionics in a report on Wednesday, October 8th. Wall Street Zen raised Beta Bionics from a “strong sell” rating to a “hold” rating in a research report on Saturday. Finally, Lake Street Capital reissued a “buy” rating and issued a $35.00 target price on shares of Beta Bionics in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Beta Bionics presently has an average rating of “Moderate Buy” and an average target price of $28.22.

Beta Bionics Stock Performance

Shares of NASDAQ BBNX traded up $1.01 during midday trading on Monday, reaching $28.23. 287,804 shares of the company’s stock were exchanged, compared to its average volume of 610,593. The stock has a market capitalization of $1.24 billion and a PE ratio of -6.46. Beta Bionics has a 52-week low of $8.89 and a 52-week high of $30.47. The business’s fifty day moving average price is $21.86 and its two-hundred day moving average price is $17.32.

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

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.