BofA downgraded Beta Bionics (BBNX) to Neutral from Buy with a price target of $28, down from $33. The company preannounced a Q4 revenue beat but the leading indicator, new patient starts, came in 4% below estimates, the analyst tells investors in a research note. The firm cites valuation and the leading indicator not beating expectations for the downgrade.
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Read More on BBNX:
- Premium Valuation and Slowing New Patient Growth Drive Shift to Neutral on Beta Bionics
- Beta Bionics sees Q4 revenue at least $32M, consensus $28.19M
- Beta Bionics price target raised to $33 from $30 at BofA
- Beta Bionics price target raised to $37 from $32 at Truist
- Beta Bionics price target raised to $28 from $23 at Baird