Biomea Fusion (NASDAQ:BMEA) Given “Buy” Rating at HC Wainwright

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $4.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 217.46% from the company’s previous close.

Several other research analysts have also recently weighed in on BMEA. 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. Wall Street Zen upgraded shares of Biomea Fusion from a “sell” rating to a “hold” rating in a research report on Monday, October 5th. Finally, Brookline Capital Markets initiated coverage on shares of Biomea Fusion in a research report on Wednesday, October 7th. They issued a “buy” rating for the company. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Biomea Fusion presently has a consensus rating of “Moderate Buy” and an average target price of $8.00.

Biomea Fusion Trading Down 7.4%

NASDAQ:BMEA opened at $1.26 on Wednesday. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $2.24. The firm has a 50 day moving average of $1.53 and a 200-day moving average of $1.47. The stock has a market capitalization of $91.32 million, a P/E ratio of -4.34 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.10. As a group, analysts forecast that Biomea Fusion will post -0.71 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Several institutional investors and hedge funds have recently made changes to their positions in the business. ADAR1 Capital Management LLC acquired a new position in Biomea Fusion during the second quarter worth $64,000. BlackRock Inc. acquired a new stake in Biomea Fusion in the 2nd quarter valued at about $1,052,000. GSA Capital Partners LLP acquired a new stake in Biomea Fusion in the 2nd quarter valued at about $318,000. Rathbones Group PLC acquired a new stake in Biomea Fusion in the 1st quarter valued at about $57,000. Finally, Renaissance Technologies LLC lifted its stake in Biomea Fusion by 174.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock valued at $2,009,000 after purchasing an additional 834,179 shares during the last quarter. 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 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.