Balancing Growth Potential and Emerging Uncertainty: TD Cowen Maintains Hold on Beta Bionics with $17 Price Target

Beta Bionics, Inc. (BBNX) has received a new Hold rating, initiated by TD Cowen analyst, .

TD Cowen has given his Hold rating due to a combination of factors that balance Beta Bionics’ attractive growth story with emerging uncertainties. The firm acknowledges that Beta Bionics executed well in its first year as a public company, outperforming financially and capturing roughly a 10% share of new insulin pump prescriptions. They see continued revenue strength supported by the iLet system’s differentiation and the advancement of future products like a patch pump and bihormonal system, particularly given the significant untapped potential in the U.S. insulin delivery market across type 1 and type 2 diabetes patients.
However, TD Cowen’s survey work points to a possible slowdown in future market share gains, with clinicians indicating relatively stable share for Beta Bionics through 2027 even when accounting for new product launches. This cautious signal, combined with recent quarterly results that showed less upside in pump shipments than anticipated, raises questions about how much incremental growth is realistic. As a result, while TD Cowen recognizes upside potential in 2026 revenues, they are not convinced that this is sufficient to justify a materially higher valuation multiple at this time, leading to a Hold rating and a $17 price target.

In another report released yesterday, TipRanks – Google also reiterated a Hold rating on the stock with a $16.00 price target.