Citi analyst Yigal Nochomovitz reiterated a Buy rating and $7.00 price target on Biomea Fusion Inc. (NASDAQ: BMEA).

The analyst noted that timelines for icovamenib's Phase 2 26-week Type 2 diabetes data have been pushed back due to enrollment pace. Data from the COVALENT-211 trial in insulin-deficient patients is now expected in the first quarter of 2027, moved from the fourth quarter of 2026. Data from the COVALENT-212 trial, targeting patients uncontrolled on GLP-1-based therapy, is now expected in the second quarter of 2027, also shifted from the fourth quarter of 2026.

Management has described the COVALENT-211 study as a key milestone, as that patient population represents approximately 25% to 30% of all Type 2 diabetes patients. Biomea Fusion still expects 28-day clinical weight-loss data on BMF-650, an oral GLP-1 candidate, in the third quarter of 2026.

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The company has extended its cash runway into the second quarter of 2027 through what management described as disciplined capital management, covering the upcoming Phase 2 readouts. Shares of Biomea Fusion closed at $1.27.