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

Biomea Fusion (NASDAQ:BMEA) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

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

Biomea Fusion Stock Down 2.3%

Shares of NASDAQ:BMEA opened at $1.29 on Friday. The stock has a market cap of $93.50 million, a PE ratio of -4.45 and a beta of -0.23. The company’s fifty day moving average is $1.51 and its 200 day moving average is $1.46. Biomea Fusion has a 52 week low of $0.87 and a 52 week high of $2.99.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.10. Sell-side analysts anticipate that Biomea Fusion will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Biomea Fusion

Several hedge funds and other institutional investors have recently modified their holdings of BMEA. Renaissance Technologies LLC boosted its holdings 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 purchasing an additional 834,179 shares during the period. BlackRock Inc. purchased a new position in Biomea Fusion during the 2nd quarter valued at about $1,052,000. ADAR1 Capital Management LLC purchased a new position in Biomea Fusion during the 2nd quarter valued at about $64,000. GSA Capital Partners LLP bought a new position in Biomea Fusion during the 2nd quarter valued at approximately $318,000. Finally, Rathbones Group PLC bought a new position in Biomea Fusion during the 1st quarter valued at approximately $57,000. 96.72% of the stock is owned by institutional investors.

Biomea Fusion Company Profile

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.