Truist initiated coverage of Biomea Fusion with a Buy rating and $55 price target. The firm views Biomea as “an undervalued opportunity,” noting that its price target represents about 200% upside. Phase 1/2 data from lead drug in Type 2 Diabetes provides strong proof of concept and the firm’s key focus is on larger patient data set in the second half of 2024. In addition, proof of concept data in Type 1 Diabetes and further positive data updates in AML provides significant upside, the analyst tells investors.
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