Biomea Fusion price target lowered to $10 from $50 at Oppenheimer

Oppenheimer lowered the firm’s price target on Biomea Fusion (BMEA) to $10 from $50 and keeps an Outperform rating on the shares after the company presented new icovamenib data at ATTD. The Cpeptide update adds to the growing body of evidence that suggests the treatment is having an effect on beta cell growth and insulin production. The firm believes investors have been focused on a reduction in HbA1c, but are missing the bigger context that icovamenib is not a chronic treatment and can likely be used in combination with other approved agents to restore insulin sensitivity.