Citi raised the firm’s price target on Biomea Fusion to $90 from $53 and keeps a Buy rating on the shares. The analyst also elevated the shares to Citi’s “Top Pick in SMID Biotech.” BMF-219 “has passed a critical test of drug worthiness” with the updated data, the analyst tells investors in a research note. The firm says even the most skeptical investors will find it challenging to discredit the latest poster given Biomea’s “total transparency in presenting compelling patient-level data across key metrics.” The firm’s updated model reflects a 65% probability of success and increased 3% peak market share in type 2 diabetes.
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- Biomea Fusion presents data from initial cohorts of Phase II study of BMF-219
- Biomea Fusion Presents Positive Clinical Data from the Initial Cohorts of the Ongoing Phase II Study (COVALENT-111) of BMF-219 in Patients with Type 2 Diabetes Mellitus at the American Diabetes Association (ADA) 83rd Scientific Sessions; 100 mg Cohort 3 Demonstrated a 90% Response Rate and 70% Maintained or Improved Time in (Normal Glucose) Range, While Off-Treatment