Biomea Fusion price target raised to $45 from $40 at Piper Sandler

Piper Sandler analyst Joseph Catanzaro raised the firm’s price target on Biomea Fusion to $45 from $40 and keeps an Overweight rating on the shares after the company presented data from BMF-219’s type 2 diabetes trial. Importantly, the A1c reduction observed at week four for cohort three was maintained to week 12, in support of BMF-219’s mechanism of action of beta cell proliferation, the analyst tells investors in a research note. The firm thinks these data “provide clear early evidence of mechanistic validation – durable glycemic control following an acute treatment period.”