Scotiabank raised the firm’s price target on Biomea Fusion to $41 from $21 and keeps an Outperform rating on the shares. The lifting of the clinical hold on BMF-219 enables the resumption of clinical development and removes this overhang on the stock, the analyst tells investors. Additionally, more high-profile stock-moving events are coming up, including the presentation of the expanded Type 2 diabetes cohorts of COVALENT-111 evaluating BMF-219; results from a cohort of Type 1 diabetics enrolled in COV-112; and preclinical safety and efficacy results from the company’s new obesity drug candidate, the firm adds.
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