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Jefferies has downgraded Biomea Fusion (NASDAQ:BMEA) to hold following the company’s presentation of data for its type 2 diabetes drug candidate BMF-219 at a meeting of the American Diabetes Association this past weekend.
The investment bank said the data seemed to “raise more questions” about the drug’s mechanism of action and how the drug can be best developed given the increasing number of diabetes treatments on the market.
“It may take a while to see a clear development path and successful commercial application BMF-219,” said Jefferies, explaining the downgrade. It also lowered its price target to $28 from $36.
Shares of Biomea were down 17% in afternoon trading Monday.
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Image and article originally from seekingalpha.com. Read the original article here.