Biomea Fusion’s (BMEA) “Buy” Rating Reiterated at HC Wainwright

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 360.35% from the stock’s previous close.

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

Biomea Fusion Stock Performance

Shares of BMEA traded up $0.03 during midday trading on Wednesday, hitting $0.87. 3,784,645 shares of the stock traded hands, compared to its average volume of 1,495,539. Biomea Fusion has a 1-year low of $0.80 and a 1-year high of $2.24. The firm has a market capitalization of $62.98 million, a PE ratio of -3.00 and a beta of -0.28. The business’s 50 day moving average price is $1.51 and its two-hundred day moving average price is $1.46.

Biomea Fusion (NASDAQ:BMEA) last announced 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 research analysts forecast that Biomea Fusion will post -0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors have recently bought and sold shares of BMEA. ADAR1 Capital Management LLC bought a new position in shares of Biomea Fusion in the second quarter valued at approximately $64,000. BlackRock Inc. bought a new position in shares of Biomea Fusion in the second quarter valued at approximately $1,052,000. GSA Capital Partners LLP bought a new position in shares of Biomea Fusion in the second quarter valued at approximately $318,000. Rathbones Group PLC bought a new position in shares of Biomea Fusion in the first quarter valued at approximately $57,000. Finally, Renaissance Technologies LLC boosted its holdings 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 acquiring an additional 834,179 shares in the last quarter. 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.