Biomea Fusion (NASDAQ:BMEA) Given New $9.00 Price Target at Barclays

Biomea Fusion (NASDAQ:BMEA) had its price target raised by equities research analysts at Barclays from $5.00 to $9.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential downside of 9.09% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Friday. 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 research note on Thursday. Scotiabank dropped their price target on shares of Biomea Fusion from $41.00 to $21.00 and set a “sector outperform” rating on the stock in a research note on Friday, June 7th. Oppenheimer lowered their target price on Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of Biomea Fusion in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Biomea Fusion currently has a consensus rating of “Moderate Buy” and an average price target of $29.40.

Biomea Fusion Trading Up 3.4 %

NASDAQ BMEA opened at $9.90 on Friday. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74. The company has a market cap of $358.48 million, a PE ratio of -2.77 and a beta of -0.47. The stock’s 50-day moving average price is $6.89 and its two-hundred day moving average price is $8.96.

Biomea Fusion (NASDAQ:BMEA) last released 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). Research analysts forecast that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMEA. Vanguard Group Inc. boosted its holdings in shares of Biomea Fusion by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock worth $20,416,000 after buying an additional 15,626 shares during the period. Renaissance Technologies LLC acquired a new stake in Biomea Fusion in the 2nd quarter valued at approximately $1,481,000. Price T Rowe Associates Inc. MD increased its position in Biomea Fusion by 0.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock worth $2,656,000 after buying an additional 1,028 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Biomea Fusion by 46.0% during the second quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock worth $420,000 after buying an additional 29,400 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Biomea Fusion by 90.8% in the second quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock valued at $266,000 after acquiring an additional 28,085 shares during the period. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.