Beta Bionics initiated with a Buy at BofA

BofA initiated coverage of Beta Bionics (BBNX) with a Buy rating and $25 price target Beta’s iLet insulin pump simplifies insulin-dosing for insulin intensive diabetic patients with its differentiated closed-loop algorithm, notes the analyst. Only 23% of 4M U.S. intensive patients use an insulin pump to dose insulin today, notes the firm, which thinks Beta’s pump will help expand the current $2B U.S. pump market. Growing pharmacy coverage and the pipeline provide opportunities for additional shareholder value, the analyst added.