June 7, 2024, 6:20 AM | 1 min read
27% gain every 20 days?
This is what Nick Shine does on average with his options buying. Instead of selling covered calls or spreads, he buys options. Most traders don’t even win 27% of their options buying. He wins 83%. This is how he does it.
Biomare Fusion Co., Ltd. (NASDAQ:BMEA) shares fell 60.3% in pre-market trading on Friday after the U.S. Food and Drug Administration (FDA) ordered a full halt to Phase I/II clinical trials of diabetes drug BMF-219.
what happenedAccording to an FDA press release, the FDA’s decision was due to concerns about potential drug-induced liver toxicity observed during the dose-escalation phase of the study. Although elevated liver enzyme levels were observed, most adverse events were mild to moderate, and no serious reactions were reported.
At the time of writing, BioMare Fusion shares were trading at $4.470, down from Thursday’s closing price of $11.27, according to data from Benzinga Pro.
The COVALENT-111 and COVALENT-112 trials are investigating the efficacy of BMF-219 in type 2 and type 1 diabetes, respectively. While the trials are on hold, Biomea Fusion will continue to collect safety and efficacy data.
Thomas ButlerBioMare Fusion’s CEO and Chairman, David L. Schneider, emphasized the company’s dedication to patient safety and ongoing collaboration with the FDA to resume the study. He highlighted the potential of BMF-219 to restore glucose-regulating insulin production and improve glycemic control.
Also read: Chinese generic versions of Ozempic, Wegovy put Novo Nordisk at risk of facing tougher competition in key M markets
Why is this important?The FDA’s suspension of Biomea Fusion’s clinical trials has significant implications for the company’s future. The stopped trials, COVALENT-111 and COVALENT-112, are crucial to the development of BMF-219, a promising diabetes treatment. The trials showed some positive results, including a mean reduction in placebo-adjusted HbA1c of 0.8% at week 26 in participants in the cohort who took 100 mg BMF-219 once daily (without food).
Read next: Exclusive: Adial Pharmaceuticals Begins Dosing Patients in Pharmacokinetic Study of AD04 for Alcohol Use
Photo courtesy of Romix Image courtesy of Shutterstock
This story was written and edited with Benzinga Neuro. Pooja Rajkumari
27% gain every 20 days?
This is what Nick Shine does on average with his options buying. Instead of selling covered calls or spreads, he buys options. Most traders don’t even win 27% of their options buying. He wins 83%. This is how he does it.
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