What's Going On With Biomea Fusion Stock?

Biomea Fusion, Inc. BMEA shares are trading lower Monday. The stock appears to be moving on continued downward momentum and has lost nearly 40% in the past five days.

What To Know:

Biomea Fusion announced on Monday that it presented clinical data for BMF-219, an investigational covalent menin inhibitor, in relapsed / refractory AML patients with menin-dependent mutations at the 65^th American Society of Hematology  Annual Meeting.

On Saturday, the company announced top line data of the 200 mg dose cohorts from the ongoing Phase II clinical study (COVALENT-111) which will be presented in more detail at a conference in March 2024.

Biomea Fusion presented its long-term 26 weeks follow-up data from the first two cohorts of adults with type 2 diabetes enrolled in the ongoing Phase II clinical study (COVALENT-111) and data from preclinical experiments of BMF-219, the company's investigational oral covalent menin inhibitor, last Thursday.

Biomea Fusion says that the dose escalation portion has shown that patients across all dosing cohorts have experienced generally meaningful HbA1c reductions.

Biomea Fusion's stock has grabbed the interest of short-sellers with 44.9% of available BMEA shares being sold short, according to data from Benzinga Pro.

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BMEA Price Action: According to Benzinga Pro, Biomea Fusion shares are down by 33% at $11.32 at the time of publication.

Image: Pete Linforth from Pixabay