Biomea Fusion (NASDAQ:BMEA) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Biomea Fusion from “sell” to “hold,” while analyst opinions remain mixed. The stock has a consensus “Moderate Buy” rating and an average price target of $9.00.
• Biomea Fusion shares opened at $1.27, with a 52-week range of $0.87 to $2.99 and a market capitalization of approximately $92 million. The company recently reported quarterly EPS of -$0.12, beating the -$0.22 consensus estimate.
• Institutional investors own 96.72% of the stock; Renaissance Technologies significantly increased its position, while BlackRock and several other firms initiated stakes. Biomea is developing icovamenib, an investigational treatment targeting cancer and metabolic diseases.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Monday, Wall Street Zen reports.

Other research analysts have also issued reports about the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Biomea Fusion in a research note on Monday, September 28th. Citigroup restated a "market outperform" rating on shares of Biomea Fusion in a research note on Wednesday. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Biomea Fusion in a report on Monday, August 24th. Five 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.com, Biomea Fusion currently has a consensus rating of "Moderate Buy" and an average price target of $9.00.

Biomea Fusion Stock Performance

BMEA stock opened at $1.27 on Monday. Biomea Fusion has a 1-year low of $0.87 and a 1-year high of $2.99. The business's 50 day moving average is $1.51 and its 200-day moving average is $1.46. The firm has a market cap of $92.05 million, a P/E ratio of -4.38 and a beta of -0.28.

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

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in shares of Biomea Fusion by 174.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company's stock valued at $2,009,000 after buying an additional 834,179 shares in the last quarter. BlackRock Inc. acquired a new stake in Biomea Fusion during the 2nd quarter worth $1,052,000. GSA Capital Partners LLP bought a new position in Biomea Fusion during the second quarter worth about $318,000. ADAR1 Capital Management LLC bought a new position in Biomea Fusion during the second quarter worth about $64,000. Finally, Rathbones Group PLC acquired a new position in Biomea Fusion in the first quarter valued at about $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.