HC Wainwright Reaffirms Buy Rating for Biomea Fusion (NASDAQ:BMEA)

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reiterated by HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 392.00% from the stock’s current price.

BMEA has been the topic of a number of other research reports. Citigroup reiterated a “market outperform” rating on shares of Biomea Fusion in a research report on Wednesday, September 30th. Wall Street Zen raised Biomea Fusion from a “sell” rating to a “hold” rating in a research note on Monday, October 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday, September 28th. Finally, Brookline Capital Markets began coverage on Biomea Fusion in a report on Wednesday, October 7th. They issued a “buy” rating on the stock. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Biomea Fusion presently has an average rating of “Moderate Buy” and a consensus price target of $7.60.

Biomea Fusion Stock Performance

Shares of NASDAQ:BMEA traded down $0.45 during mid-day trading on Wednesday, reaching $0.81. 6,473,123 shares of the company’s stock were exchanged, compared to its average volume of 1,447,344. Biomea Fusion has a twelve month low of $0.81 and a twelve month high of $2.24. The firm has a market capitalization of $58.93 million, a price-to-earnings ratio of -2.81 and a beta of -0.28. The business’s fifty day moving average price is $1.53 and its 200-day moving average price is $1.47.

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, beating analysts’ consensus estimates of ($0.22) by $0.10. Analysts predict that Biomea Fusion will post -0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its position 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 acquiring an additional 834,179 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Biomea Fusion in the second quarter worth 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. ADAR1 Capital Management LLC bought a new stake in Biomea Fusion during the second quarter worth $64,000. Finally, Rathbones Group PLC bought a new stake in Biomea Fusion during the first quarter worth $57,000. 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.