Biomea Stock's Epic Surge: How It Climbed From $9 To $36 In Just 60 Days

(RTTNews) - The shares of Biomea Fusion Inc. (BMEA) have been on a roll ever since the company reported positive data from its ongoing COVALENT-111 trial yesterday.

COVALENT-111 is a phase I/II trial of lead drug candidate BMF-219 in type II diabetes.

The phase I portion of the COVALENT-111 trial in healthy volunteers, designed to assess safety, tolerability, and pharmacokinetics of BMF-219, was successfully completed last October.

The data reported yesterday were from the initial cohorts of patients with type 2 diabetes mellitus enrolled in the phase II portion of its ongoing COVALENT-111 study.

According to the results reported yesterday, in one of the active treatment Cohorts dosed at 100 mg of BMF-219, 89% of patients achieved a reduction in A1c, with 78% of patients achieving at least a 0.5% reduction in A1c, and 56% achieving at least a 1% reduction in A1c. (A1c is the standard for measuring blood sugar management in people with diabetes).

Near-term Catalyst

A phase I trial of BMF-219 in patients with relapsed/refractory multiple myeloma, acute myeloid leukemia, acute lymphocytic leukemia, and diffuse large B-cell lymphoma, dubbed COVALENT-101, is underway. Initial data from the acute myeloid leukaemia cohort of the COVALENT-101 trial is due in the first half of 2023.

Cash position

Biomea ended the year 2022 with cash, cash equivalents, restricted cash, and investments of $113.4 million.

Today, the company announced that it has commenced an underwritten public offering of $125.0 million of shares of its common stock.

BMEA was trading around $9.32 when it was featured on our site on Jan.30, 2023. The stock, which touched an all-time high of $36.67 during intraday trading today, is currently at $34.80, up 13.32%.