Biomea Fusion (NASDAQ:BMEA) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Biomea Fusion (NASDAQ:BMEA) from a hold rating to a sell rating in a research report released on Sunday,Wall Street Zen reports.

BMEA has been the topic of a number of other reports. HC Wainwright restated a “buy” rating on shares of Biomea Fusion in a report on Monday, August 24th. Weiss Ratings downgraded Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Biomea Fusion Stock Down 2.3%

Shares of NASDAQ:BMEA opened at $1.26 on Friday. The firm has a market cap of $91.32 million, a price-to-earnings ratio of -4.34 and a beta of -0.23. Biomea Fusion has a 12 month low of $0.87 and a 12 month high of $2.99. The company’s fifty day simple moving average is $1.51 and its 200 day simple moving average is $1.46.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.10. Research analysts expect that Biomea Fusion will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. ADAR1 Capital Management LLC acquired a new position in Biomea Fusion during the second quarter valued at approximately $64,000. BlackRock Inc. acquired a new position in shares of Biomea Fusion during the 2nd quarter worth approximately $1,052,000. GSA Capital Partners LLP acquired a new position in shares of Biomea Fusion during the 2nd quarter worth approximately $318,000. Rathbones Group PLC bought a new stake in shares of Biomea Fusion during the 1st quarter worth approximately $57,000. Finally, Renaissance Technologies LLC raised its stake in shares of Biomea Fusion by 174.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after purchasing an additional 834,179 shares in the last quarter. Institutional investors own 96.72% of the company’s stock.

About Biomea Fusion

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for patients with cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to selectively target disease-associated proteins.

Biomea’s lead investigational product is icovamenib, also known as BMF-219, an oral covalent inhibitor of menin. The company has evaluated icovamenib in clinical studies for genetically defined blood cancers, including acute leukemias and multiple myeloma, as well as for type 2 diabetes and other metabolic conditions.