BUZZ-Biomea Fusion falls as Truist cuts to "hold"

Reuters06-11

** Biomea Fusion's shares fall ~5% to $4.10 premarket as Truist Securities cuts to "hold" from "buy"

** US FDA placed clinical hold on studies of Biomea's diabetes drug on June 6 due to liver toxicity concerns

** Truist says lack of details on those concerns makes its tough to estimate a resolution timeline and adds that cash runway concerns are keeping investors on the sidelines

** Expects stock to trade in a band until FDA hold is lifted

** Stock has sunk 62% in 2 sessions since the ruling

** Truist does not assign a PT due to recent volatility

** Now 3 brokers, incl Truist, rate BMEA 'hold' and 5 'buy'/'strong buy' - LSEG data

** 4 brokers have changed their PTs since the FDA; their PTs are $5, $10, $21 and $45 -LSEG data

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com))

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