Bomea data show meaningful glycemic control, says H.C. Wainwright

H.C. Wainwright says Biomea Fusion’s initial COVALENT-111 200 mg cohort data point to improved HbA1c reductions in type 2 diabetes. At week 26, approximately 40%, or four of 11 patients that received 200 mg of BMF-219 exhibited durable HbA1c reduction, compared to 20% of patients in the 100 mg cohorts, the analyst tells investors in a research note. The firm says the dose escalation portion of COVALENT-111 has demonstrated that patients across all dosing cohorts experienced generally meaningful HbA1c reductions, and no serious adverse events or study discontinuations after four-weeks of treatment. It believes the topline data from the 100 mg cohorts and initial observations from the 200 mg cohorts confirm clinically meaningful glycemic control across all doses, and may suggest a dose dependent long-lasting efficacy following BMF-219 tretament. Wainwright keeps a Buy rating on the shares with a $50 price target. The stock in morning trading is down 33% to $11.32.