Piper Sandler Reiterates Overweight Rating on Biomea Fusion Inc. (BMEA)

Piper Sandler analyst Joseph Catanzaro reiterated an Overweight rating and $10.00 price target on Biomea Fusion Inc. (NASDAQ: BMEA).

The analyst commented, "BMEA announced that FDA has lifted the clinical hold on BMF-219's ongoing studies in diabetes. Most notably, FDA reviewed all available safety data from the ongoing Phase IIb COVALENT-111 study and found no cases of grade 3 elevated liver enzymes. The observed events occurred only in the dose-escalation at starting doses ≥200 mg QD (all arms of COVALENT-111 initiated at 100 mg QD). Moving forward all future studies will initiate dosing at 100 mg (step dosing will be required if target doses ≥200 mg) alongside increase lab monitoring. Altogether a rapid and favorable resolution for the program, though we do imagine that many will still consider this safety signal to be a non-zero risk moving forward. Importantly, BMEA remains on track for Phase II readouts in 4Q24 from both T2D (randomized data from ~195 patients) and T1D (~20 patients), which should provide significant insights into BMF-219's proposed mechanism in diabetes."

For an analyst ratings summary and ratings history on Biomea Fusion Inc. click here. For more ratings news on Biomea Fusion Inc. click here.

Shares of Biomea Fusion Inc. closed at $9.57 yesterday.

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