Biomea Fusion price target raised to $60 from $20 at Citi

Citi analyst Yigal Nochomovitz raised the firm’s price target on Biomea Fusion to $60 from $20 and keeps a Buy rating on the shares. The company’s initial type 2 diabetes data print, and the first clinical data ever reported by the company, exceeded all expectations by a wide margin, the analyst tells investors in a research note. With proof of concept cleared a 50% probability of success "seems very justifiable," says the firm.