Biomea Fusion Inc. shares advanced 5.8% in pre-market trading on Tuesday, lifting the stock to $1.45 after Citi placed the company on an upside 90-day catalyst watch.
The catalyst stems from near-term data expectations from Biomea’s Phase I GLP-131 clinical trial, which is evaluating BMF-650, an investigational oral GLP-1 receptor agonist. The company anticipates releasing initial 28-day weight-reduction data within the third quarter of 2026, a timeline that aligns with the final weeks of the quarter.
Biomea also highlighted progress in its OPAL study, announcing on August 13 that the first patient had been dosed in a trial assessing icovamenib in combination with semaglutide for obesity treatment. The dual approach reflects growing interest in combination therapies within the weight-loss pharmaceutical sector.
Analyst support for Biomea remains constructive. Piper Sandler reiterated its Buy rating on August 14, citing the company’s pipeline potential. Earlier, Citi’s designation of an upside catalyst watch underscored the market’s focus on the approaching GLP-1 data release as a potential inflection point for the stock.
The company’s financial performance for the second quarter of 2026 showed a net loss per share of $0.12, which surpassed the consensus estimate of $0.23, offering additional support to investor sentiment. The stock’s 52-week high stands at $2.99, indicating significant upside potential from current levels.
Broader market conditions remained modestly negative, with the NASDAQ down roughly 0.7% and the S&P 500 off about 0.3%.
