H.C. Wainwright Assumes Biomea Fusion (BMEA) at Buy with $16 Price Target

H.C. Wainwright analyst Joseph Pantginis assumes coverage on Biomea Fusion Inc. (NASDAQ: BMEA) with a Buy rating and a price target of $16.00.

The analyst comments: "We are assuming coverage of Biomea Fusion with a Buy rating and $16 PT; importantly the company has cash into 2024. Leveraging both an experienced management team and a defined therapeutic approach, Biomea has the potential to deliver differentiated assets for oncology and beyond. Lead executives at Biomea were at Pharmacylics from the early days, which was bought by AbbVie for $21 billion in 2015. Therapeutic differentiation comes from the company's FUSION System to develop powerful covalent inhibitors. Biomea's lead asset is BMF-219, which is a novel covalent inhibitor of Menin that interferes with the interaction of the Menin-MLL complex; it has broad potential implications to also target Myc, KRAS mutations, and diabetes as well due to the role of the menin complex. The drug has the opportunity to be a pipeline in a pill, with seven tumor indications targeted for early clinical research in 2022, matching up both small and large tumor populations (based on preclinical data), as well as diabetes."

For an analyst ratings summary and ratings history on Biomea Fusion Inc. click here. For more ratings news on Biomea Fusion Inc. click here.

Shares of Biomea Fusion Inc. closed at $4.45 yesterday.

By Vlad Schepkov

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