Beta Bionics pullback an ‘overreaction,’ says Lake Street

Lake Street believes the pullback in Beta Bionics (BBNX) to be “an overreaction to one metric,” new patient starts, underperforming by about 2% versus consensus expectations in Q4, adding that the firm thinks this overreaction is “likely a function of short sellers punishing a high-multiple blue-chip IPO.” The firm, which thinks investors are not appreciating that Beta outperformed in the pharmacy channel in the second half of 2025, which will support growing recurring revenue in 2026 atop what it expects to be “another solid year of new patient start,” reiterates a Buy rating and $20 price target on shares.