JPMorgan downgraded Biomea Fusion to Neutral from Overweight with a price target of $14, down from $51, following the Q4 results and preliminary data from the COVALENT-112 study. The analyst says the initial BMF-219 data are “largely uninterpretable” being from such a small patient sample, with differing baseline histories and on-treatment follow-up by dose strength and duration. The firm anticipates ongoing Street skepticism over BMF-219’s mechanism of action, durability, and addressable patient populations.
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