Citi analyst Yigal Nochomovitz opened a “30-day positive catalyst watch” on shares of Biomea Fusion ahead of dose escalation and follow-up data for BMF-219 in type 2 diabetes. The firm keeps a Buy rating on the shares with a $90 price target. The analyst continues to have an “out-of-consensus and highly favorable view” of BMF-219’s potency in type 2 diabetes based on the four-week dosing and 12- week follow-up results from the 100 mg cohorts reported in June. Citi expects demonstrating continued durable reductions in HbA1c and/or deeper glycemic control in higher dosing cohorts next week should drive substantive additional upside in the shares.
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Read More on BMEA:
- Biomea Fusion announces acceptance of three abstracts for COVALENT-111 trial
- Biomea Fusion Announces Acceptance of Three Abstracts for its Novel Menin Inhibitor Highlighting Durable Glycemic Control in Diabetes Patients at the International Conference on Advanced Technologies & Treatments for Diabetes (ATTD) in 2024
- Biomea Fusion Abstract “BMF-219: A Novel Therapeutic Agent to Reestablish Functional Beta Cells and Provide Long-term Glycemic Control” Selected as One of Six Oral Presentations at 21st World Congress Insulin Resistance, Diabetes & Cardiovascular Disease
- Biomea Fusion to Present New Data from Ongoing Phase II Study (COVALENT-111) of BMF-219 in Patients with Type 2 Diabetes at the World Congress Insulin Resistance, Diabetes & Cardiovascular Disease (WCIRDC)
- Biomea Fusion announces two poster presentations at ASH meeting 2023
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