Biomea Fusion initiated with an Outperform at Citizens

Citizens initiated coverage of Biomea Fusion (BMEA) with an Outperform rating and $9 price target The company is developing icovamenib, a covalent small-molecule menin inhibitor, which has shown the ability to restore beta cell function in hard-to-treat type 2 diabetics, potentially offering a “disease-modifying solution for late-stage patients,” the analyst tells investors in a research note. The firm sees a blockbuster opportunity in late-stage, hard-to-treat diabetics for Biomea.