In a report released today, Joseph Pantginis from H.C. Wainwright maintained a Buy rating on Biomea Fusion, with a price target of $4.00.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Joseph Pantginis has given his Buy rating due to a combination of factors that highlight Biomea Fusion’s promising clinical pipeline and potential market impact. The company has initiated new trials for its metabolic and obesity treatments, icovamenib and BMF-650, which have shown favorable preclinical results. These trials are supported by data demonstrating significant improvements in metabolic markers and weight loss, suggesting a strong therapeutic potential.
Furthermore, the ongoing COVALENT-111 and COVALENT-112 trials have shown promising results in improving HbA1c levels and C-peptide production in patients with type 2 diabetes, indicating a durable effect on insulin production. The company’s strategic focus on innovative therapies for diabetes and obesity, combined with the encouraging clinical data, supports Pantginis’s optimistic outlook and Buy rating for Biomea Fusion’s stock.
In another report released on September 4, Citi also maintained a Buy rating on the stock with a $7.00 price target.