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

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research note issued on Wednesday, Benzinga reports. They presently have a $4.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 383.09% from the stock’s previous close.

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

Biomea Fusion Trading Down 34.3%

Shares of Biomea Fusion stock traded down $0.43 during trading on Wednesday, reaching $0.83. The stock had a trading volume of 5,230,904 shares, compared to its average volume of 1,439,310. The company has a market capitalization of $60.01 million, a price-to-earnings ratio of -2.85 and a beta of -0.28. The stock has a fifty day moving average price of $1.53 and a two-hundred day moving average price of $1.47. Biomea Fusion has a 52 week low of $0.83 and a 52 week high of $2.24.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. On average, equities analysts forecast that Biomea Fusion will post -0.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors have recently bought and sold shares of the business. Rathbones Group PLC acquired a new position in Biomea Fusion during the first quarter worth approximately $57,000. ADAR1 Capital Management LLC acquired a new position in Biomea Fusion during the second quarter worth approximately $64,000. GSA Capital Partners LLP acquired a new position in Biomea Fusion during the second quarter worth approximately $318,000. BlackRock Inc. acquired a new position in Biomea Fusion during the second quarter worth approximately $1,052,000. Finally, Renaissance Technologies LLC increased its position in Biomea Fusion by 174.3% during the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after buying an additional 834,179 shares during the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

About Biomea Fusion

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.