Why Biomea Fusion Stock Crushed It This Week
Shares of the clinical-stage biotech Biomea Fusion (NASDAQ: BMEA) have been on fire this week. Specifically, the pre-revenue biotech's stock gapped up by a stately 99.8% over the first three and a half days of trading this week, according to data provided by S&P Global Market Intelligence.
The big gain came in response to encouraging mid-stage data for its type 2 diabetes candidate BMF-219. Initial data showed that a whopping 89% of patients in cohort 3 of the study achieved a reduction in A1c after four weeks of once-daily 100 mg dosing.
A1c is a measure of a person's average blood sugar levels over the prior three months. In addition, Biomea noted in the press release that BMF-219 was well tolerated over the study period.
Source Fool.com
