Biomea Fusion Downgraded to Sell Despite Progress on Diabetes Drug Trial

Wall Street Zen lowered Biomea Fusion (NASDAQ:BMEA) from a hold to a sell rating on Sunday. The company recently completed enrollment for its COVALENT-211 Phase II trial of the diabetes candidate icovamenib.

This downgrade contrasts with other recent analyst actions. H.C. Wainwright reaffirmed a buy rating following the late August enrollment update. Piper Sandler also maintained a buy rating on the stock during the same period.

Institutional investors recently increased their positions in the firm. Renaissance Technologies reported significant share purchases during the last reported quarter. State Street Corp also expanded its holdings in the company.