Biomea Fusion (NASDAQ:BMEA) Stock Rating Raised to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a sell rating to a hold rating in a report published on Monday morning,Wall Street Zen reports.

BMEA has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating on shares of Biomea Fusion in a research report on Monday, August 24th. Citigroup restated a “market outperform” rating on shares of Biomea Fusion in a research report on Wednesday, September 30th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday, September 28th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Biomea Fusion currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Biomea Fusion Stock Performance

Shares of BMEA opened at $1.30 on Monday. The stock has a 50 day moving average price of $1.51 and a 200 day moving average price of $1.46. Biomea Fusion has a one year low of $0.87 and a one year high of $2.99. The stock has a market capitalization of $94.22 million, a price-to-earnings ratio of -4.48 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. On average, analysts predict that Biomea Fusion will post -0.73 earnings per share for the current year.

Institutional Trading of Biomea Fusion

Several large investors have recently added to or reduced their stakes in BMEA. Renaissance Technologies LLC increased its stake in shares of Biomea Fusion by 174.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after acquiring an additional 834,179 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Biomea Fusion during the 2nd quarter valued at about $1,052,000. GSA Capital Partners LLP acquired a new position in shares of Biomea Fusion during the 2nd quarter valued at about $318,000. ADAR1 Capital Management LLC acquired a new position in shares of Biomea Fusion during the 2nd quarter valued at about $64,000. Finally, Rathbones Group PLC purchased a new stake in shares of Biomea Fusion in the first quarter valued at about $57,000. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for serious diseases with significant unmet medical needs. The company’s research platform is centered on covalent chemistry, an approach designed to create potentially durable interactions between medicines and their biological targets.

Biomea’s lead investigational product is icovamenib, formerly known as BMF-219, an oral covalent menin inhibitor. The company has evaluated icovamenib in oncology indications, including certain blood cancers, and is also investigating its potential in metabolic diseases such as diabetes.