Wall Street Zen Downgrades Biomea Fusion (NASDAQ:BMEA) to Sell

Key Points

• Wall Street Zen downgraded Biomea Fusion from “hold” to “sell,” while analyst sentiment remains mixed: five analysts rate the stock a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and a $9.00 price target.
• Biomea Fusion shares opened at $1.32, with a market capitalization of about $95.7 million and a one-year trading range of $0.87 to $2.99. The company reported a quarterly loss of $0.12 per share, beating the consensus estimate of a $0.22 loss.
• Institutional investors and hedge funds own 96.72% of the stock, with Renaissance Technologies notably increasing its stake by 174.3%. Biomea is a clinical-stage biotechnology company developing covalent medicines, including its lead candidate icovamenib for cancer and metabolic diseases.

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

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

Biomea Fusion Stock Performance

NASDAQ:BMEA opened at $1.32 on Friday. The stock has a market cap of $95.67 million, a PE ratio of -4.55 and a beta of -0.23. The stock has a 50 day moving average price of $1.51 and a 200 day moving average price of $1.46. Biomea Fusion has a one year low of $0.87 and a one year high of $2.99.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly 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. As a group, analysts predict that Biomea Fusion will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Biomea Fusion

Several hedge funds have recently modified their holdings of BMEA. Renaissance Technologies LLC boosted its stake in shares of 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 in the last quarter. BlackRock Inc. purchased a new position in Biomea Fusion in the second quarter worth $1,052,000. GSA Capital Partners LLP acquired a new stake in Biomea Fusion in the second quarter valued at $318,000. ADAR1 Capital Management LLC acquired a new stake in Biomea Fusion in the second quarter valued at $64,000. Finally, Rathbones Group PLC purchased a new stake in shares of Biomea Fusion during the 1st quarter worth $57,000. 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 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.

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