Shares of Biomea Fusion Inc. rose by 17% in premarket trading on Monday following the release of new clinical data on its investigational covalent menin inhibitor, BMF-219, for patients with type 2 diabetes. The clinical-stage biopharmaceutical company’s results indicate that the treatment may be able to address the root cause of the disease, beta cell loss, according to company CEO and chairman Thomas Butler.
The statement from Biomea Fusion Inc. cites improvement in glycemic control among patients even after dosing stopped as a key benefit of BMF-219, which was presented at the American Diabetes Association’s 83rd Scientific Sessions in San Diego.
J.P. Morgan analysts have responded to this promising data by raising their price target for Biomea shares to $51 from $38 and maintaining their overweight rating. They noted that the BMF-219 results indicate “a profile we believe not seen thus far among currently approved anti-diabetic agents.”
This exciting development suggests that Biomea Fusion Inc.’s approach to treating type 2 diabetes could help many patients manage their condition more effectively.
