TD Cowen has opened coverage on Beta Bionics, Inc. (NASDAQ:BBNX), assigning a Hold rating and setting a price objective of $17.00. That target implies only limited upside from the firm’s cited current share price of $15.46. TD Cowen’s initiation comes amid a range of price targets from other analysts spanning $25 to $40, according to InvestingPro data.
The research note points to a successful debut year for Beta Bionics as a publicly traded company, with the firm highlighting both financial upside and the capture of roughly 10% of new prescription - or NRx - market share. The company’s reported results reflect what TD Cowen described as robust commercial momentum, including 67% revenue growth over the most recent twelve-month period.
TD Cowen’s view is that revenue outperformance could persist as the company’s iLet device differentiates itself in the market and as pipeline programs advance. The firm specifically cited pipeline initiatives such as patch and bihormonal technologies as contributors to the adoption narrative.
However, the analyst team tempered enthusiasm with caution. TD Cowen’s survey work indicates there may be a deceleration in the pace of NRx share gains for Beta Bionics. While the firm’s financial modeling allows for upside in 2026 revenue, analysts noted that such upside might not be large enough to sustain an outsized valuation multiple.
Recent company disclosures provided additional context to TD Cowen’s initiation. Beta Bionics pre-announced preliminary fourth-quarter 2025 revenue of at least $32 million, a 56% increase year-over-year and above consensus analyst expectations. At the same time, the company reported that new patient starts rose 36% year-over-year to 5,581, which nonetheless trailed Wall Street’s forecast of 5,816 new starts.
Market reactions among research firms have varied. Stifel kept a Buy rating on the stock and projects full-year 2025 revenue to exceed $100 million, a figure materially higher than company guidance of $80-85 million. By contrast, BofA Securities downgraded Beta Bionics from Buy to Neutral, citing valuation concerns even though the pre-announced fourth-quarter revenues surpassed market expectations by 11%.
Piper Sandler raised its price target on Beta Bionics to $32.00 from $26.00, pointing to strong execution on key metrics and highlighting the company’s performance in new patient starts, notably through pharmacy channels. Stifel also reiterated its Buy view and noted that the pharmacy business model for durable insulin pumps has outperformed the firm’s internal expectations.
Overall, TD Cowen’s initiation frames Beta Bionics as a company with significant top-line momentum and promising product differentiation, but with outstanding questions about the sustainability of share gains and the degree of valuation support from projected revenue trajectories.