Biomea Fusion stock soars after release of clinical data on diabetes treatment

Shares of Biomea Fusion Inc. (BMEA) jumped 17% in premarket trading Monday after the clinical-stage biopharmaceutical company released new clinical data on its investigational covalent menin inhibitor for patients with type 2 diabetes. The data supports the ability of the treatment, BMF-219, to address a root cause of the disease, beta cell loss, Biomea CEO and chairman Thomas Butler said in a statement. Patients saw an improvement in glycemic control even after dosing of BMF-219 stopped, Butler said. The data were released Friday at the American Diabetes Association's 83rd Scientific Sessions in San Diego. J.P. Morgan analysts on Sunday raised their price target for Biomea shares to $51, from $38 previously, and maintained their overweight rating, saying in a research note that the BMF-219 results indicate "a profile we believe not seen thus far among currently approved anti-diabetic agents."

-Eleanor Laise

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06-26-23 0817ET

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