Biomea Fusion price target raised to $60 from $50 at Barclays

Barclays analyst Peter Lawson raised the firm’s price target on Biomea Fusion to $60 from $50 and keeps an Overweight rating on the shares. The late breaking American Diabetes Association poster for Biomea’s menin inhibitor showed improvement and maintenance of reduced HbA1c at week 12, increased C-peptide and improved oral glucose tolerance – suggesting improved beta cell function, the analyst tells investors in a research note. Overall, the potential of a non-chronic treatment in diabetes is encouraging, says the firm.