Biomea rises after Truist Securities initiates coverage with 'buy'

Biomea Fusion

06/02/2024 13:29

** Shares of drug developer Biomea Fusion  BMEA.O  rise ~6%
to $19.76 premarket
    ** Brokerage Truist Securities initiates Biomea with "buy"
rating, PT at $55
    ** The price target represents a near triple upside to the
stock's last close at $18.6
    ** The brokerage says diabetes is a multi billion
opportunity and BMEA's drug candidate BMF-219 has unique
mechanism of action which can treat both Type 1 and 2 diabetes 
        ** 8 of 9 brokerages rate the stock "buy" or higher and
1 "hold"; their median PT is $47.50 - LSEG data
    ** Up to last close, stock up 95.2% in the last 12 months

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))