Biomea Fusion (NASDAQ:BMEA) Stock Rating Upgraded by Wall Street Zen

Biomea Fusion (NASDAQ:BMEA – Get Free Report) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research analysts have also commented on the company. HC Wainwright restated a “buy” rating on shares of Biomea Fusion in a research report on Monday, August 24th. Weiss Ratings cut Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 1st. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

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Biomea Fusion Stock Performance

Shares of BMEA opened at $1.83 on Friday. The company’s 50-day moving average price is $1.49 and its 200 day moving average price is $1.46. Biomea Fusion has a 12-month low of $0.87 and a 12-month high of $2.99. The firm has a market cap of $132.64 million, a P/E ratio of -6.31 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.10. Equities research analysts forecast that Biomea Fusion will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

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

Biomea Fusion Company Profile

(Get Free Report)

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.

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