Biomea Fusion (NASDAQ:BMEA) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a sell rating to a hold rating in a research report released on Saturday.

BMEA has been the topic of several other reports. HC Wainwright reissued a “buy” rating on shares of Biomea Fusion in a research report on Monday, August 24th. Citizens Jmp initiated coverage on shares of Biomea Fusion in a report on Tuesday, May 5th. They issued a “market outperform” rating and a $9.00 target price for the company. Citigroup began coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They set an “outperform” rating for the company. Finally, Weiss Ratings lowered Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 1st. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Biomea Fusion Trading Up 3.0%

BMEA stock opened at $1.73 on Friday. The company has a market capitalization of $125.39 million, a P/E ratio of -5.97 and a beta of -0.28. The business has a 50 day simple moving average of $1.34 and a 200-day simple moving average of $1.40. Biomea Fusion has a twelve month low of $0.87 and a twelve month high of $2.99.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Thursday, August 6th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. Research analysts predict that Biomea Fusion will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC raised its position in Biomea Fusion by 174.3% during the 1st 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. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Biomea Fusion in the fourth quarter valued at about $783,000. Millennium Management LLC increased its stake in shares of Biomea Fusion by 156.7% during the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after acquiring an additional 15,675 shares during the period. ADAR1 Capital Management LLC acquired a new position in shares of Biomea Fusion during the fourth quarter worth about $54,000. Finally, Jain Global LLC purchased a new position in Biomea Fusion during the fourth quarter worth about $68,000. 96.72% of the stock is owned by institutional investors and hedge funds.

About Biomea Fusion

Biomea Fusion, Inc (NASDAQ:BMEA) is a clinical‐stage biopharmaceutical company headquartered in Carlsbad, California. The company is dedicated to the discovery and development of small molecule therapies that target epigenetic regulators implicated in cancer. By leveraging a proprietary chemistry and drug discovery platform, Biomea Fusion aims to design precision medicines that modulate gene expression pathways involved in the initiation and progression of hematological malignancies and solid tumors.

The company’s lead clinical asset, BMF-219, is an orally bioavailable inhibitor of the menin–mixed‐lineage leukemia (MLL) protein–protein interaction.