‘Confusion not bad data’ driving Biomea Fusion weakness, says Citi

Citi tells investors in a research note that confusion, not “bad data” is driving weakness in Biomea Fusion shares. The firm, which made no change to its Buy rating and $90 price target and recommends buying the dip again, says it appears Biomea combined the 50mg QD, 100mg BID, and 200mg QD mean HbA1c reductions at 4-week when citing the 0.4%-0.5% value, but Citi also confirmed that each dose independently yielded the 0.4%-0.5% mean drop. Biomea also indicated that 100mg QD after four weeks of therapy looks best so far, but Citi says that comment pertains only to the four-week time period and not the expected dose or schedule for late-stage development.