JPMorgan Downgrades Biomea Fusion Inc. (BMEA) to Underweight

JPMorgan analyst Anupam Rama downgraded Biomea Fusion Inc. (NASDAQ: BMEA) from Neutral to Underweight.

The analyst comments: "Post a recent transfer of coverage, we are moving to an Underweight rating on BMEA shares (prior Neutral) with no price target (no prior PT).

Recent phase 2 COVALENT II icovamenib data in type 2 diabetes (T2D) are certainly interesting (and we acknowledge the product's potential)…

At 52 weeks (12 weeks on treatment, rest off treatment), the severe insulin-deficient diabetes (SIDD) patients in Arm B (12 wks 100mg QD) had the greatest clinically meaningful response of mean HbA1c reduction of 1.5% (p=0.01) from baseline - albeit in small patient numbers (icovamenib n=6). Patients with the greatest icovamenib exposure achieved the highest reduction in HbA1c. Patients also not achieving HbA1c target levels with GLP-1 based therapy showed clinically meaningful HbA1c reduction from baseline of ~1.3% (p=0.05) through Week 52, again in small patient numbers (n=11)."

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 $1.28 yesterday.

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