Biomea Fusion (NASDAQ:BMEA) Stock Keeps Buy Rating at HC Wainwright

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They presently have a $4.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 378.24% from the company’s previous close.

Several other analysts have also weighed in on BMEA. Brookline Capital Markets assumed coverage on shares of Biomea Fusion in a research note on Wednesday, October 7th. They issued a “buy” rating for the company. Citigroup reissued a “market outperform” rating on shares of Biomea Fusion in a research note on Wednesday, September 30th. Wall Street Zen upgraded shares of Biomea Fusion from a “sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday, September 28th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Biomea Fusion presently has an average rating of “Moderate Buy” and an average price target of $7.60.

Biomea Fusion Trading Up 0.3%

BMEA stock traded up $0.00 during mid-day trading on Wednesday, reaching $0.84. The company’s stock had a trading volume of 3,111,682 shares, compared to its average volume of 1,483,814. The company has a market cap of $60.63 million, a price-to-earnings ratio of -2.88 and a beta of -0.28. The business’s 50 day moving average price is $1.52 and its 200 day moving average price is $1.46. Biomea Fusion has a 12 month low of $0.80 and a 12 month high of $2.24.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly 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. As a group, equities analysts expect that Biomea Fusion will post -0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

A number of hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in shares of Biomea Fusion by 174.3% during the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock valued at $2,009,000 after acquiring an additional 834,179 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Biomea Fusion during the second quarter worth approximately $1,052,000. GSA Capital Partners LLP acquired a new position in shares of Biomea Fusion during the second quarter worth approximately $318,000. ADAR1 Capital Management LLC bought a new position in shares of Biomea Fusion in the 2nd quarter worth $64,000. Finally, Rathbones Group PLC bought a new position in shares of Biomea Fusion in the 1st quarter worth $57,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.