TD Cowen has adjusted its price target on Beta Bionics, Inc. (NASDAQ:BBNX) downward to $16 from $17 but kept a Hold designation on the shares. The revised target sits within an analyst range that spans from $14 to $40. Market data referenced in the analyst note shows the stock trading at $13.97, a figure that reflects a decline of more than 54% year-to-date.
The firm reported that Beta Bionics' fourth-quarter revenue results came in line with earlier company previews. Gross margins in the quarter outperformed expectations. According to InvestingPro data cited by the analysts, Beta Bionics posted a solid trailing-12-month gross profit margin of 55.4%, while annual revenue growth stood at 53.94%.
For the first time, Beta Bionics issued revenue guidance for 2026. TD Cowen noted that the midpoint of that guidance coincides with both consensus forecasts and the firm’s own model. Nevertheless, the note flagged potential short-term adjustments: first-quarter consensus estimates may need to be downgraded in light of the quarter's revenue print and commentary on the cadence of new prescriptions. At the same time, TD Cowen left open the possibility that estimates covering the first half of 2026 could move higher.
The company’s development pipeline remains active, the analysts said, with no revisions to the scheduled timelines for the Mint program or the bihormonal program. Following the results and guidance, TD Cowen maintained its Hold rating.
Other brokerage actions this period underscore divergent views on Beta Bionics' outlook. UBS began coverage with a Buy rating and a $24 price target, citing the firm’s assessment of Beta Bionics’ potential to be disruptive in the insulin pump market due to differentiated technology. Truist Securities, meanwhile, reduced its price target on the stock from $37 to $25 but retained a Buy rating. Truist attributed its downward revision to a slowdown in Net Promoter Score momentum, concerns raised by a recent waitlist about management execution, and broader market dynamics that have weighed on small-cap medical technology equities.
TD Cowen also reiterated a prior Hold stance and a $17 target in the wake of a recent FDA warning letter that focused on the company’s quality reporting systems rather than on the iLet device itself. The firm noted the warning letter would not impede Beta Bionics’ ability to sell products or to pursue additional regulatory clearances. In earlier coverage, TD Cowen had pointed to the company’s first year as a public company as successful and noted it had captured roughly 10% of new prescription market share.
Taken together, the recent analyst actions and company disclosures provide a range of perspectives for investors assessing Beta Bionics. The firm’s margin performance and revenue growth rates appear favorable, while questions around near-term revenue timing and execution have led some analysts to temper near-term estimates even as others remain constructive on longer-term potential.