Biomea Fusion Completes Enrollment in Phase II Diabetes Trial, Stock Surges Nearly 9%

Biomea Fusion shares jumped roughly 8.8% in premarket trading on August 24 after the company announced it had completed enrollment in COVALENT-211, its Phase II trial of icovamenib in patients with insulin-deficient Type 2 diabetes. The trial, which evaluates HbA1c reduction over 26 weeks in approximately 60 patients, is expected to produce primary endpoint data in the first quarter of 2027. H.C.

Wainwright reiterated its rating on the stock following the enrollment news. Separately, Citi analyst Yigal Nochomovitz maintained a $7 price target on Biomea Fusion, implying roughly 410% upside from current levels, underscoring both the potential and the substantial risk attached to the small-cap name. Icovamenib is a selective menin inhibitor that showed placebo-adjusted HbA1c reductions of approximately 1.5% at 52 weeks in an earlier Phase I trial, along with rising C-peptide levels suggesting improved beta-cell function.