JPMorgan downgraded Biomea Fusion to Underweight from Neutral without a price target. The firm views the recent phase 2 COVALENT II icovamenib data in type 2 diabetes as "interesting" but has concerns around the company's ability to fund the ongoing and planned studies. The funding may come with significant dilution over the long-term without a partnership, which is difficult to predict, the analyst tells investors in a research note.
