Biomea Fusion (NASDAQ:BMEA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a sell rating to a hold rating in a research note issued to investors on Saturday,Wall Street Zen reports.

A number of other research analysts also recently issued reports on the stock. HC Wainwright reiterated a “buy” rating on shares of Biomea Fusion in a research note on Monday, August 24th. Weiss Ratings lowered shares of 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.00.

Biomea Fusion Stock Performance

NASDAQ BMEA opened at $1.71 on Friday. The firm has a 50 day simple moving average of $1.50 and a 200-day simple moving average of $1.46. Biomea Fusion has a one year low of $0.87 and a one year high of $2.99. The firm has a market cap of $123.94 million, a price-to-earnings ratio of -5.90 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Thursday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.10. Equities analysts predict that Biomea Fusion will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds have recently modified their holdings of BMEA. Renaissance Technologies LLC grew its position in 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. BlackRock Inc. purchased a new position in Biomea Fusion in the second quarter valued at about $1,052,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Biomea Fusion during the 4th quarter valued at approximately $783,000. GSA Capital Partners LLP acquired a new stake in shares of Biomea Fusion during the 2nd quarter valued at approximately $318,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $64,000. 96.72% of the stock is owned by institutional investors and hedge funds.

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.