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

Wall Street Zen lowered shares of Biomea Fusion (NASDAQ:BMEA) from a hold rating to a sell rating in a research report report published on Sunday,Wall Street Zen reports.

A number of other analysts also recently weighed in on BMEA. Weiss Ratings downgraded shares of Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, July 1st. HC Wainwright restated a “buy” rating on shares of Biomea Fusion in a research report on Monday, August 24th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.00.

Biomea Fusion Stock Performance

Shares of BMEA opened at $1.32 on Friday. The stock’s 50-day moving average price is $1.51 and its two-hundred day moving average price is $1.46. Biomea Fusion has a 12 month low of $0.87 and a 12 month high of $2.99. The company has a market capitalization of $95.67 million, a PE ratio of -4.55 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.10. Equities research analysts predict that Biomea Fusion will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rathbones Group PLC bought a new stake in Biomea Fusion in the 1st quarter valued at about $57,000. ADAR1 Capital Management LLC acquired a new position in Biomea Fusion during the 2nd quarter worth approximately $64,000. GSA Capital Partners LLP bought a new position in Biomea Fusion in the second quarter worth approximately $318,000. BlackRock Inc. bought a new position in Biomea Fusion in the second quarter worth approximately $1,052,000. Finally, Renaissance Technologies LLC grew its stake 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 acquiring an additional 834,179 shares during the period. 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.