Wall Street Zen Upgrades Biomea Fusion (NASDAQ:BMEA) to Hold

Key Points

• Wall Street Zen upgraded Biomea Fusion from “Sell” to “Hold,” while analysts overall maintain a “Moderate Buy” consensus with an average price target of $9.00.
• Biomea Fusion shares rose 2.2% to open at $1.83, with the stock trading above its 50-day and 200-day moving averages; its market capitalization is approximately $132.6 million.
• The company reported a quarterly loss of $0.12 per share, beating analyst expectations of a $0.22 loss, while institutional investors and hedge funds own 96.72% of its shares.

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

Several other equities research analysts have also commented on the stock. 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 reaffirmed a "buy" rating on shares of Biomea Fusion in a report on Monday, August 24th. Five 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $9.00.

Biomea Fusion Stock Up 2.2%

BMEA opened at $1.83 on Friday. The firm has a 50 day moving average price of $1.49 and a 200-day moving average price of $1.45. Biomea Fusion has a twelve month low of $0.87 and a twelve month high of $2.99. The stock has a market capitalization of $132.64 million, a price-to-earnings ratio of -6.31 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.12) EPS for the quarter, topping analysts' consensus estimates of ($0.22) by $0.10. As a group, analysts expect that Biomea Fusion will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds have recently modified their holdings of the stock. Rathbones Group PLC bought a new position in shares of Biomea Fusion during the first quarter worth $57,000. ADAR1 Capital Management LLC bought a new stake in Biomea Fusion in the 2nd quarter valued at $64,000. GSA Capital Partners LLP purchased a new stake in Biomea Fusion in the 2nd quarter worth $318,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Biomea Fusion in the 4th quarter worth $783,000. Finally, BlackRock Inc. bought a new position in shares of Biomea Fusion during the 2nd quarter valued at about $1,052,000. Hedge funds and other institutional investors own 96.72% of the company's stock.

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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