Biomea Fusion price target lowered to $4 from $18 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis lowered the firm’s price target on Biomea Fusion (BMEA) to $4 from $18 and keeps a Buy rating on the shares, citing the June fundraising with “significant dilution” for the firm’s revised target. At the ADA meeting, Biomea presented additional preclinical data highlighting icovamenib’s potential for combination therapies, notes the analyst, who contends that icovamenib “stands out” for combination approaches and lean mass preservation.