Shares in Beta Bionics Inc. are down 32% after reporting preliminary fourth quarter results.
Despite revenue of $32 million coming in above the average consensus estimate of $28.9 million, the company’s new patient starts, a key metric, for its automated insulin delivery system fell short of expectations.
BofA Securities downgraded Beta from Buy to Neutral and lowered its price target to $28 from $33 following the announcement, according to Drug Delivery Business News.
Wall Street projected 5,816 new patient starts compared to the 5,581 the company reported.
The company plans to report its fourth quarter and full year results on Feb. 17 after the market closes.
