Shares of biopharmaceutical company Biomea Fusion (NASDAQ:BMEA) are up in double digits at the time of writing today after it announced new clinical data from the Phase 2 portion of a Phase 1/2 study evaluating BMF-219 in type 2 diabetes.
The data, from the first two cohorts, indicates a continued improvement in glycemic control even after the stoppage of therapy. While 70% of subjects in Cohort 3 maintained or saw an improvement in the time in range during continuous glucose monitoring (while off treatment), 50% of subjects in the cohort saw continuous improvement in HbA1c levels at week 12 (off treatment).
The company believes the improved glycemic control even after the stoppage of treatment was due to improved pancreatic islet function by a disruption of Menin. Impressively, this was the first instance of an investigational candidate leading to higher C-peptide after the stoppage of treatment.
Consequently, the drug could become the first disease-modifying treatment in diabetes and Biomea is working on evaluating different dose levels and durations to assess possible benefits in the biggest patient population.
Overall, the Street has a $51 consensus price target on Biomea alongside a Strong Buy consensus rating. After surging nearly 175% over the past year, Biomea shares are up a further 18% today. Meanwhile, short interest in the stock now stands at about 28.6%.
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