Biomea Fusion Inc. (BMEA) PT Raised to $41 at Scotiabank

Scotiabank analyst George Farmer raised the price target on Biomea Fusion Inc. (NASDAQ: BMEA) to $41.00 (from $21.00) while maintaining a Sector Outperform rating.

The analyst commented: "Lifting of the clinical hold on BMF-219 enables resumption of clinical development and removes a significant overhang on the stock. While this is a critical event that needed to happen to restore both investor and potential corporate partner confidence, more high-profile stock-moving events are coming up. These include presentation of 1) top-line results of the expanded Type 2 diabetes cohorts of COVALENT-111 evaluating BMF-219, 2) results from a small cohort of Type 1 diabetics enrolled in COV-112 and 2) preclinical safety and efficacy results from the company’s new obesity drug candidate, an orally bioavailable small molecule GLP-1 receptor agonist that functions similarly to the market-leading injectable peptide, semaglutide (Ozempic, Wegovy). We restore our target price to $41 following yesterday’s news."

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