Truist upgraded Biomea Fusion to Buy from Hold with a $54 price target. Following the clinical hold lift for the company’s lead drug BMF-219 in type 2 diabetes, the stock’s key overhang is removed, the analyst tells investors in a research note. The firm says the near-term focus is on the Phase 2b data readout by the end of 2024. The available Phase 1/2 data give Truist confidence into the Phase 2b expansion data and positive results will allay investor concerns, contends the analyst. The firm is bullish on BMF-219.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BMEA:
- Biomea Fusion price target raised to $9 from $5 at Barclays
- Biomea Fusion upgraded to Buy from Neutral at Rodman & Renshaw
- Truist sees fair value of $20-$50 per share after Biomea Fusion hold lifted
- Biomea Fusion says FDA lifts clinical hold on BMF-219 trials
- Short Report: Bearish bets on Comstock elevated as short-squeeze risk grows