Biomea Fusion (NASDAQ:BMEA) Stock Rating Reaffirmed as “Buy” by HC Wainwright

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research note issued on Wednesday, Benzinga reports. They currently have a $4.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 381.93% from the stock’s previous close.

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

Biomea Fusion Stock Down 34.1%

BMEA traded down $0.43 during trading on Wednesday, reaching $0.83. 6,163,834 shares of the stock traded hands, compared to its average volume of 1,445,354. The stock’s 50-day moving average is $1.53 and its 200 day moving average is $1.47. Biomea Fusion has a 12 month low of $0.81 and a 12 month high of $2.24. The stock has a market capitalization of $60.16 million, a PE ratio of -2.86 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, equities research analysts anticipate that Biomea Fusion will post -0.71 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Rathbones Group PLC purchased a new stake in Biomea Fusion in the 1st quarter valued at $57,000. ADAR1 Capital Management LLC bought a new position in Biomea Fusion during the 2nd quarter valued at $64,000. GSA Capital Partners LLP purchased a new position in Biomea Fusion during the 2nd quarter worth $318,000. BlackRock Inc. purchased a new position in Biomea Fusion during the 2nd quarter worth $1,052,000. Finally, Renaissance Technologies LLC grew its stake in shares of Biomea Fusion by 174.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after acquiring an additional 834,179 shares in the last quarter. 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 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.