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

Key Points

• Wall Street Zen downgraded Biomea Fusion from “hold” to “sell,” while analyst opinions remain mixed. Five analysts rate the stock a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and a $9.00 average price target.
• Biomea Fusion shares opened at $2.03, with a 52-week range of $0.87 to $2.99 and a market capitalization of approximately $147 million. The company reported a quarterly loss of $0.12 per share, beating expectations for a $0.22 loss.
• Institutional investors hold 96.72% of the company’s shares; Renaissance Technologies notably increased its position by 174.3%. Biomea Fusion is a clinical-stage biotechnology company developing epigenetic cancer therapies, including its lead candidate BMF-219.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

A number of other research firms have also weighed in on BMEA. Weiss Ratings lowered shares of Biomea Fusion from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, July 1st. HC Wainwright reiterated a "buy" rating on shares of Biomea Fusion in a research 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $9.00.

Biomea Fusion Price Performance

Shares of NASDAQ:BMEA opened at $2.03 on Friday. 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 price is $1.40 and its 200-day moving average price is $1.42. The firm has a market capitalization of $147.13 million, a price-to-earnings ratio of -7.00 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.10. On average, sell-side analysts expect that Biomea Fusion will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Biomea Fusion

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its holdings in Biomea Fusion by 174.3% in the first 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 during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Biomea Fusion in the 4th quarter worth $783,000. Rathbones Group PLC acquired a new position in shares of Biomea Fusion in the first quarter worth about $57,000. State Street Corp increased its holdings in Biomea Fusion by 17.8% during the 4th quarter. State Street Corp now owns 165,115 shares of the company's stock worth $205,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its stake in shares of Biomea Fusion by 99.2% in the second quarter. Bridgeway Capital Management LLC now owns 70,300 shares of the company's stock worth $127,000 after buying an additional 35,000 shares during the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

About Biomea Fusion

Biomea Fusion, Inc NASDAQ: BMEA is a clinical‐stage biopharmaceutical company headquartered in Carlsbad, California. The company is dedicated to the discovery and development of small molecule therapies that target epigenetic regulators implicated in cancer. By leveraging a proprietary chemistry and drug discovery platform, Biomea Fusion aims to design precision medicines that modulate gene expression pathways involved in the initiation and progression of hematological malignancies and solid tumors.

The company's lead clinical asset, BMF-219, is an orally bioavailable inhibitor of the menin–mixed‐lineage leukemia (MLL) protein–protein interaction.

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