Biomea Fusion price target raised to $44 from $37 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis raised the firm’s price target on Biomea Fusion to $44 from $37 and keeps a Buy rating on the shares. Biomea this morning announced "favorable" safety and initial efficacy data from the ongoing Phase 1/2 COVALENT-111 study evaluating the company’s oral covalent menin inhibitor candidate, BMF-219, in type 2 diabetes, the analyst tells investors in a research note. The firm says that while additional cohorts are still enrolling and higher doses still need to be evaluated, it is "impressed" by BMF-219’s results in the initial dose cohorts. The data "point to a promising and potent efficacy profile" of the menin inhibitor candidate in glycemic control, both short- and long-term, contends H.C. Wainwright.