Beta Bionics initiated with an Outperform at Leerink

Leerink initiated coverage of Beta Bionics (BBNX) with an Outperform rating and $28 price target The firm believes Beta Bionics is building a foundational platform and has put all the right pieces in place to become the next key player in diabetes technology. The company is commercializing its “disruptive” iLet insulin pump system that offers clear product differentiation through its simple, easy-to-use algorithm. Leerink thinks Beta Bionics can achieve continued commercial momentum by leveraging iLet’s innovative algorithm, superior CGM integration capabilities, and favorable pharmacy access relative to certain peers. Overall, the firm argues Beta Bionics represents a highly attractive hypergrowth MedTech story, and sees clear near-term upside opportunities for the stock, with potentially significant additional upside beyond its current valuation and price target on a longer-term basis.