Biomea Fusion's (BMEA) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Biomea Fusion and maintained a $4.00 price target, implying 217.46% upside from the stock’s $1.26 price.
• Analyst sentiment is generally positive: six analysts rate the stock a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and an average price target of $7.60.
• Biomea Fusion remains a clinical-stage, loss-making biotechnology company, though it recently reported a quarterly EPS loss of $0.12 that beat estimates of $0.22; institutional investors own 96.72% of its shares.

Biomea Fusion (NASDAQ:BMEA - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a research note issued on Wednesday, Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 217.46% from the company's current price.

BMEA has been the topic of several other reports. Wall Street Zen raised Biomea Fusion from a "sell" rating to a "hold" rating in a research report on Monday, October 5th. Brookline Capital Markets assumed coverage on Biomea Fusion in a research report on Wednesday, October 7th. They issued a "buy" rating on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of Biomea Fusion in a research report on Monday, September 28th. Finally, Citigroup reissued a "market outperform" rating on shares of Biomea Fusion in a research report on Wednesday, September 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Biomea Fusion presently has an average rating of "Moderate Buy" and a consensus price target of $7.60.

Biomea Fusion Price Performance

NASDAQ BMEA opened at $1.26 on Wednesday. The stock's fifty day moving average price is $1.53 and its 200 day moving average price is $1.47. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $2.24. The company has a market cap of $91.32 million, a price-to-earnings ratio of -4.34 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its 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. Research analysts expect that Biomea Fusion will post -0.71 earnings per share for the current year.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ADAR1 Capital Management LLC acquired a new position in shares of Biomea Fusion in the 2nd quarter valued at $64,000. BlackRock Inc. purchased a new stake in Biomea Fusion during the second quarter worth $1,052,000. GSA Capital Partners LLP purchased a new stake in Biomea Fusion during the second quarter worth $318,000. Rathbones Group PLC purchased a new stake in Biomea Fusion during the first quarter worth $57,000. Finally, Renaissance Technologies LLC boosted its holdings 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 in the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for serious diseases with significant unmet medical needs. The company's research platform is centered on covalent chemistry, an approach designed to create potentially durable interactions between medicines and their biological targets.

Biomea's lead investigational product is icovamenib, formerly known as BMF-219, an oral covalent menin inhibitor. The company has evaluated icovamenib in oncology indications, including certain blood cancers, and is also investigating its potential in metabolic diseases such as diabetes.