By Katherine Hamilton

Shares of Beta Bionics fell after the maker of insulin-delivery systems shared preliminary data for new patient starts that were below expectations.

The stock slipped 36%, to $20.5, on Friday. Over the past three months, shares are still up 4%.

Beta Bionics said Thursday it expects at least 5,581 new patient starts in the fiscal fourth quarter, which was below the 5,816 expected by Wall Street, according to Bank of America analysts led by Travis Steed.

The analysts downgraded the stock to "neutral" from "buy" following the report about new patient starts, which is a leading indicator for Beta Bionics. The price outlook was also cut to $28 a share from $33.

Given Beta Bionics' relatively small market share of about 1% to 2%, investors were looking for more momentum in new patient starts, Steed said in a note.

"The market is increasingly competitive and BBNX is going to have to prove its ability to execute against larger/more scaled competitors," Steed said.

Beta Bionics' preliminary revenue of at least $32 million for the fourth quarter was ahead of estimates for $29.2 million, according to analysts polled by FactSet.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

January 09, 2026 14:06 ET (19:06 GMT)

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