It’s a great day for biotech stock Biomea Fusion (NASDAQ:BMEA), which was up 5.89% in Friday’s trading. The stock just came off a big victory not so long ago, and now it’s got another one to its credit thanks to a new Buy rating from Barclays.
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Analyst Peter Lawson pointed out that Biomea Fusion’s latest line of small-molecule drugs delivered orally could actually expand the market for such drugs. That’s particularly true, Lawson noted, when compared to reversible inhibitor equivalents. Most of Biomea Fusion’s drug lineup is focused on fighting cancer, though it diversified just a bit with the addition of a drug to treat type 2 diabetes. Better yet, Biomea Fusion should have some new data coming out that further shows the efficacy of its drug line.
These are just the latest wins, too; back in late March, Biomea came out with mid-stage trial results on its type 2 diabetes drug that proved welcome, to say the least. That was enough to basically double share prices at that point, and from the looks of things, Biomea is continuing to deliver wins in cancer treatment as well. It’s great news that it might have a viable type 2 diabetes treatment, but if it can pull off something similar in cancer, then it might be able to write its own ticket.
Analysts are looking forward to big things here too. With six Buy ratings, Biomea Fusion stock is unanimously considered a Strong Buy by analyst consensus. Further, with an average price target of $41.33, Biomea Fusion stock offers investors 21.31% upside potential.