Biomea Fusion price target lowered to $10 from $30 at Scotiabank

Scotiabank lowered the firm’s price target on Biomea Fusion (BMEA) to $10 from $30 and keeps an Outperform rating on the shares. The firm cut its price target on the stock due to the extended icovamenib type-2 diabetes timelines, reflecting the need for an additional Phase 2b study prior to any Phase 3 study, as well as increased equity dilution, the analyst tells investors.