Why Biomea Fusion Stock Is Falling Today?
Portfolio Pulse from Vandana Singh
Biomea Fusion Inc (NASDAQ:BMEA) released preliminary data from its ongoing Phase 1 COVALENT-101 trial, showing initial responses in AML patients with menin-dependent mutations. The analysis showed complete responses in 2 of 5 AML patients. The company also announced the commencement of enrollment for Dose Level 5 to further optimize and explore the potential to improve upon these preliminary results. Despite this, BMEA shares are down 9.71% at $19.44.
July 24, 2023 | 4:09 pm
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NEGATIVE IMPACT
Despite promising preliminary data from Biomea Fusion's ongoing Phase 1 COVALENT-101 trial, the company's shares are down 9.71%.
The preliminary data from Biomea Fusion's ongoing Phase 1 COVALENT-101 trial showed promising results, which would typically be expected to have a positive impact on the company's stock. However, despite this, the company's shares are down 9.71%. This suggests that there may be other factors at play affecting the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100