10 Best Diabetes Stocks To Buy Under $10

6. Biomea Fusion, Inc. (NASDAQ:BMEA)

Share Price as of the Close of December 26: $4.08

Biomea Fusion, Inc. (NASDAQ:BMEA) is a clinical-stage biopharmaceutical company developing covalent small molecule drugs to treat genetically defined cancers and metabolic diseases like type 2 diabetes and obesity and it stands sixth on our list among the 10 best diabetes stocks to buy under $10. Its lead product, BMF-219, is a covalent inhibitor of menin, designed to treat both liquid and solid tumors as well as type 2 diabetes. This approach offers greater target selectivity and the potential for more durable therapeutic responses compared to traditional non-covalent drugs.

Biomea Fusion, Inc. (NASDAQ:BMEA) is advancing its diabetes programs with lead candidate icovamenib (BMF-219), currently being tested in the COVALENT-111 (Type 2 diabetes) and COVALENT-112 (Type 1 diabetes) trials. The FDA has lifted the clinical hold on these trials, allowing them to proceed. The company is also developing BMF-650 which is a next-generation GLP-1 receptor agonist for diabetes and obesity. Biomea Fusion, Inc. (NASDAQ:BMEA) expects Phase 2b data for COVALENT-111 and Phase 2a data for COVALENT-112 in December 2024.

For Q3 2024, Biomea Fusion, Inc. (NASDAQ:BMEA) reported a net loss of $32.8 million which is an increase from the previous year. R&D expenses rose to $27.2 million due to clinical trial activities, and G&A expenses increased to $6.8 million. The company’s cash position decreased to $88.3 million, reflecting ongoing investments in research and development.

Analysts have a consensus rating of Strong Buy for the stock. As of Q3 2024, 15 hedge funds owned shares in the company, according to the Insider Monkey database. The largest stakeholder was Cormorant Asset Management, which held $36 million in stakes.