Mike Mensinger, an insider at Beta Bionics, Inc., sold 1,063 shares of the company’s stock on December 2, 2023. The shares were sold at an average price of $29.34, resulting in a total transaction value of $31,188.42. Following this sale, Mensinger’s direct ownership in the company decreased by 1.16%, leaving him with 90,752 shares valued at approximately $2,662,663.68. This transaction was disclosed in a filing with the Securities and Exchange Commission.
Beta Bionics stock experienced a decline of 1.3% during trading on Thursday, reaching $30.00. The company reported a trading volume of 2,652,084 shares, significantly higher than its average volume of 612,373 shares. Over the past year, Beta Bionics has seen its stock fluctuate between a low of $8.89 and a high of $32.71, with a current market capitalization of $1.32 billion. The price-to-earnings ratio stands at -6.86.
Recent Earnings and Analyst Ratings
On October 28, 2023, Beta Bionics announced its latest earnings results, reporting a loss of ($0.33) earnings per share (EPS). This figure surpassed analysts’ expectations, which had estimated a loss of ($0.45) EPS. The company generated revenue of $27.25 million for the quarter, exceeding the projected $23.92 million. Notably, Beta Bionics reported a negative net margin of 87.89% and a negative return on equity of 35.72%.
Multiple brokerage firms have recently issued reports regarding Beta Bionics’ stock. Weiss Ratings maintained a “sell (D-)” rating, while Truist Financial reissued a “buy” rating and increased its target price from $28.00 to $32.00. Additionally, The Goldman Sachs Group raised their price target from $26.00 to $33.00 and reaffirmed a “buy” rating. Lake Street Capital also reiterated a “buy” rating with a price objective of $35.00. Conversely, Robert W. Baird set a price target of $23.00.
Currently, analysts have a consensus rating of “Moderate Buy” for Beta Bionics, with an average price target of $28.22. Out of the analysts covering the stock, one has rated it a Strong Buy, eight have given it a Buy rating, three have issued a Hold rating, and one has provided a Sell rating.
About Beta Bionics
Founded on October 21, 2015, by Edward R. Damiano, Beta Bionics, Inc. is a commercial-stage medical device company based in Irvine, California. The company specializes in designing, developing, and commercializing innovative solutions for individuals with diabetes who require insulin.
As market dynamics continue to evolve, Beta Bionics remains a key player in the medical technology sector, focusing on improving the lives of those managing insulin-dependent diabetes.
