Yigal Nochomovitz, an analyst from Citi, maintained the Buy rating on Biomea Fusion. The associated price target was lowered to $7.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors that suggest a promising future for Biomea Fusion. The company’s upcoming pivotal trial for icovamenib, aimed at treating severe insulin-deficient diabetes, is expected to provide significant updates by the second half of 2025. Additionally, the initiation of a Phase 1 trial for their oral GLP-1, BMF-650, which has shown promising weight-loss results in preclinical studies, adds to the positive outlook.
Furthermore, Biomea Fusion’s innovative approach of potentially combining icovamenib with GLP-1 therapies could enhance treatment efficacy while maintaining tolerability and preserving lean mass. The expected substantial share price return and the strategic advancements in their clinical trials underpin Nochomovitz’s optimistic view, despite the high-risk classification. These elements collectively contribute to the Buy rating, reflecting confidence in the company’s strategic direction and potential market impact.
In another report released on August 6, H.C. Wainwright also maintained a Buy rating on the stock with a $4.00 price target.