| Thursday | ||||
EF Hutton analyst Tony… EF Hutton analyst Tony Butler assumed coverage of Biomea Fusion with a Buy rating and $32 price target. Biomea is developing oral small molecule, irreversible, covalent inhibitors for the treatment of cancer and metabolic diseases using its proprietary FUSION chemistry platform and its first program, BMF-219, is being investigated for multiple solid and liquid tumors and in type 2 diabetes, the analyst noted. | ||||
| Over a week ago | ||||
Citi analyst Yigal… Citi analyst Yigal Nochomovitz lowered the firm's price target on Biomea Fusion to $53 from $55 and keeps a Buy rating on the shares. The analyst updated biotech models post the Q1 results. | ||||
Barclays analyst Peter… Barclays analyst Peter Lawson initiated coverage of Biomea Fusion with an Overweight rating and $50 price target. Biomea is a clinical stage biotechnology company developing oral covalent small-molecule drugs that could expand the addressable market versus reversible inhibitors, the analyst tells investors in a research note. The firm has a positive outlook on the risk/reward of the shares ahead of "value-inflecting" data readouts in 2023, which it says could show meaningful disease modification in diabetes and initial responses in oncology | ||||
As of March 31, the… As of March 31, the company had cash, cash equivalents, restricted cash, and investments of $86.7M, compared to $113.4M as of December 31, 2022, excluding gross proceeds of $172.5M from a public offering of common stock in early April 2023. "In 2023, we expect to continue to advance our clinical programs in diabetes and oncology and plan to report multiple data readouts throughout the remainder of the year, including late-breaking clinical data from COVALENT-111 at the upcoming American Diabetes Association, or ADA, Scientific Sessions," said Thomas Butler, CEO and chairman of Biomea. "Loss of mass and function of beta cells is an underlying cause of type 2 diabetes. There is biological precedent, reinforced by our extensive preclinical data for BMF-219, that suggests inhibiting menin may enable the proliferation, preservation, and reactivation of healthy, functional beta cells capable of producing insulin, thereby leading to long-term glycemic control in patients with type 2 diabetes. We believe that none of the currently approved therapies for diabetes adequately addresses the beta cell mass and function loss. With its intended disease-modifying mechanism of action, BMF-219 could potentially represent a monumental shift for the treatment of patients with diabetes. The initial data we reported from COVALENT-111 in the first quarter of 2023 demonstrated that after just four weeks of treatment with BMF-219, the majority of patients in our lowest dose cohorts showed HbA1c improvements, with indications of potential longer-term disease modification and control. We are excited to report additional data from COVALENT-111 to the diabetes-focused scientific community at ADA in June." | ||||
Biomea Fusion announced… Biomea Fusion announced that the U.S. Food and Drug Administration, FDA, has cleared the company's Investigational New Drug, IND, application to begin a Phase I trial, COVALENT-103, of BMF-500, an investigational covalent FLT3 inhibitor, in adult patients with relapsed or refractory acute leukemia. "BMF-500 is an exceptionally potent molecule and the second covalent inhibitor we have developed in-house and advanced to the clinic showing high target selectivity and inhibition. We are planning single agent studies of BMF-500 as well as combination studies with BMF-219 to explore the potential of this powerful dual-mechanistic approach to amplify and sustain patient treatment responses," said Thomas Butler, Biomea's CEO and Chairman of the Board. "I would like to thank the FDA, our contract research organizations partners, our consultants, our investors, and of course TEAM FUSION for the commitment, guidance, support, and tireless effort in getting BMF-500 from bench to the clinic. It has been a true community effort, and we are humbled by the opportunity to potentially help patients fight and win against these aggressive cancers." | ||||
| Over a month ago | ||||
Biomea Fusion announced… Biomea Fusion announced that it will present new clinical data from the ongoing Phase II portion of its COVALENT-111 trial, which is evaluating BMF-219 as a treatment for patients with type 2 diabetes, in a late-breaking poster presentation at the 2023 American Diabetes Association 83rd Scientific Sessions, to be held June 23 - 26, 2023 in San Diego, CA. The company will also host an investor and KOL event during the Scientific Session. Biomea will disclose additional information about the late-breaking presentation in accordance with ADA's abstract embargo policies. In addition, the company will provide further details on the investor and KOL event at a later date. | ||||
H.C. Wainwright analyst… H.C. Wainwright analyst Joseph Pantginis lowered the firm's price target on Biomea Fusion to $37 from $44 and keeps a Buy rating on the shares after the company presented new preclinical data from its menin and FLT3 programs evaluating BMF-219 and BMF-500 in liquid tumors. | ||||
Biomea Fusion announced… Biomea Fusion announced the closing of its previously announced upsized underwritten public offering of 5,750,000 shares of its common stock, which includes the full exercise of the underwriters' option to purchase 750,000 additional shares, at a price to the public of $30.00 per share. The aggregate gross proceeds from the offering were $172.5 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Biomea. All shares of common stock were offered by Biomea. J.P. Morgan and Citigroup acted as joint book-running managers for the offering. Oppenheimer & Co. and Barclays also acted as joint book-running managers for the offering. The company had initially priced a 5M share Secondary at $30 per share on March 30th. | ||||
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Citi analyst Yigal… Citi analyst Yigal Nochomovitz lowered the firm's price target on Biomea Fusion to $55 from $60 and keeps a Buy rating on the shares. The analyst cites dilution from the recent $160M financing for the target drop. | ||||
