Truist lowered the firm’s price target on Beta Bionics (BBNX) to $25 from $37 but keeps a Buy rating on the shares after the company disclosed FDA Warning Letter on Friday related to “deficiencies in responses” to the FDA’s Form 483. The operational risk will be minimal, though this is still a negative headline at a time the diabetes sector is out-of-favor and Beta Bionics specifically is “on its heels” after its negative Q4 pre-announcement, the analyst tells investors in a research note.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BBNX:
- Beta Bionics Receives FDA Warning Letter, Begins Remediation
- Beta Bionics initiated with a Hold at TD Cowen
- Balancing Growth Potential and Emerging Uncertainty: TD Cowen Maintains Hold on Beta Bionics with $17 Price Target
- Beta Bionics price target lowered to $25 from $33 at Goldman Sachs
- Midday Fly By: Job growth comes in below forecasts in December