Biomea Fusion (NASDAQ:BMEA) PT Raised to $40.00

Biomea Fusion (NASDAQ:BMEA) had its price objective boosted by equities research analysts at HC Wainwright from $15.00 to $40.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 304.04% from the stock’s current price.

Several other analysts have also issued reports on the stock. Oppenheimer reduced their price objective on shares of Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Capital One Financial began coverage on Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price objective for the company. Truist Financial upgraded shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Friday. Piper Sandler cut their price target on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, June 7th. Finally, Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a report on Thursday. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Biomea Fusion presently has a consensus rating of “Moderate Buy” and an average price target of $29.40.

Biomea Fusion Trading Up 3.4 %

Shares of BMEA stock opened at $9.90 on Friday. The business’s 50 day moving average is $6.89 and its two-hundred day moving average is $8.96. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $22.74. The company has a market capitalization of $358.48 million, a P/E ratio of -2.77 and a beta of -0.47.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.03). On average, research analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Bellevue Group AG acquired a new stake in shares of Biomea Fusion during the fourth quarter valued at $363,000. Centaurus Financial Inc. acquired a new stake in shares of Biomea Fusion during the 4th quarter worth about $102,000. PNC Financial Services Group Inc. purchased a new stake in shares of Biomea Fusion during the fourth quarter worth about $116,000. Griffin Asset Management Inc. raised its position in shares of Biomea Fusion by 39.4% in the first quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock valued at $566,000 after buying an additional 10,700 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of Biomea Fusion by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after buying an additional 2,731 shares during the period. 96.72% of the stock is owned by hedge funds and other institutional investors.

Biomea Fusion Company Profile

Biomea Fusion, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of covalent small molecule drugs to treat patients with genetically defined cancers and metabolic diseases. Its lead product candidate is BMF-219, a covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.