Beta Bionics initiated with a Neutral at Baird

Baird last night initiated coverage of Beta Bionics (BBNX) with a Neutral rating and $20 price target The firm believes Beta’s iLet Bionic Pancreas is differentiated, and is bullish on the multi-year growth potential for the insulin pump market. However, the analyst believes iLet will likely carve out more of a niche domestic market share position and worries iLet’s ease-of-use pump initialization and mealtime competitive advantages could narrow over time. As such, Baird views the stock’s risk/reward as balanced and would need to see a pullback for shares to mid-teens to turn more constructive.