Rodman & Renshaw upgraded Biomea Fusion to Buy from Neutral with an $18 price target after the company announced that the FDA has lifted the clinical hold from Biomea’s two trials evaluating BMF-219 for Type 1 and Type 2 Diabetes. Biomea remains on track to provide top-line data in Q4 from the Phase 2b COVALENT-111 study of about 200 patients and the Phase 2a COVALENT-112 study of about 20 patients, the analyst noted.
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