Analyst Joseph Pantginis of H.C. Wainwright maintained a Buy rating on Biomea Fusion (BMEA – Research Report), retaining the price target of $40.00.
Joseph Pantginis has given his Buy rating due to a combination of factors that highlight the promising potential of Biomea Fusion’s icovamenib. The recent data presented at the International Conference on Advanced Technologies & Treatments for Diabetes (ATTD) showcased the drug’s ability to enhance insulin production and reduce glucose levels in patients with severe insulin-deficient diabetes (SIDD). This supports previous findings of long-term glycemic control achieved after a short-term treatment duration, indicating a significant therapeutic benefit.
Moreover, the results validate the mechanism of action of icovamenib, which leads to a persistent increase in C-peptide levels, suggesting a restoration of endogenous insulin production and improved β-cell function. The statistically significant reductions in HbA1c levels, particularly in the most responsive patient group, further reinforce the drug’s efficacy. These compelling clinical outcomes contribute to Pantginis’s optimistic outlook on Biomea Fusion’s stock, justifying the Buy rating.
In another report released today, Oppenheimer also reiterated a Buy rating on the stock with a $10.00 price target.