Biomea Fusion (NASDAQ:BMEA) Stock Dropped to “Sell” by Wall Street Zen

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

A number of other equities research analysts have also weighed in on BMEA. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a research report on Monday, September 28th. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Biomea Fusion in a research report on Wednesday, October 14th. Citizens Jmp restated a “market outperform” rating and issued a $7.00 price objective on shares of Biomea Fusion in a research note on Wednesday, October 14th. Citigroup reissued a “market outperform” rating on shares of Biomea Fusion in a report on Wednesday, September 30th. Finally, Brookline Capital Markets began coverage on shares of Biomea Fusion in a report on Wednesday, October 7th. They set a “buy” rating for the company. Six 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $7.60.

Biomea Fusion Trading Up 2.6%

NASDAQ:BMEA opened at $0.60 on Friday. Biomea Fusion has a 12-month low of $0.58 and a 12-month high of $2.24. The firm has a market cap of $43.50 million, a PE ratio of -2.07 and a beta of -0.28. The stock has a fifty day moving average price of $1.44 and a 200 day moving average price of $1.43.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.10. Equities analysts forecast that Biomea Fusion will post -0.65 EPS for the current year.

Institutional Trading of Biomea Fusion

A number of large investors have recently made changes to their positions in BMEA. ADAR1 Capital Management LLC purchased a new position in Biomea Fusion in the 2nd quarter valued at about $64,000. BlackRock Inc. purchased a new position in Biomea Fusion during the second quarter worth approximately $1,052,000. GSA Capital Partners LLP acquired a new position in shares of Biomea Fusion in the 2nd quarter valued at $318,000. Rathbones Group PLC purchased a new position in shares of Biomea Fusion in the 1st quarter worth $57,000. Finally, Renaissance Technologies LLC boosted its holdings in Biomea Fusion by 174.3% in the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock valued at $2,009,000 after acquiring an additional 834,179 shares during the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to engage disease-relevant protein targets.

Biomea’s lead investigational product is BMF-219, an oral, selective covalent inhibitor of menin. The company has evaluated BMF-219 in clinical studies for certain hematologic malignancies and solid tumors, including acute leukemias and multiple myeloma, and has also investigated its potential in metabolic diseases such as type 2 diabetes.