Scotiabank Raises Biomea Fusion (NASDAQ:BMEA) Price Target to $41.00

Biomea Fusion (NASDAQ:BMEA) had its price target increased by Scotiabank from $21.00 to $41.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a sector outperform rating on the stock.

BMEA has been the subject of a number of other research reports. Truist Financial upgraded Biomea Fusion from a hold rating to a buy rating and set a $54.00 price target for the company in a research note on Friday. Citigroup decreased their price objective on shares of Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a report on Tuesday, August 27th. Piper Sandler lowered their target price on Biomea Fusion from $45.00 to $10.00 and set an overweight rating on the stock in a research note on Friday, June 7th. Rodman & Renshaw upgraded shares of Biomea Fusion from a neutral rating to a buy rating and set a $18.00 price target on the stock in a research note on Thursday. Finally, Capital One Financial began coverage on Biomea Fusion in a research note on Thursday, August 29th. They issued an overweight rating and a $25.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $29.40.

Biomea Fusion Stock Performance

BMEA opened at $9.90 on Friday. The company has a market capitalization of $355.86 million, a P/E ratio of -2.77 and a beta of -0.47. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The stock has a fifty day moving average of $6.89 and a 200-day moving average of $8.90.

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

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in BMEA. China Universal Asset Management Co. Ltd. lifted its stake in shares of Biomea Fusion by 66.1% during the 1st 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 in the last quarter. Centaurus Financial Inc. purchased a new position in Biomea Fusion during the 4th quarter valued at approximately $102,000. PNC Financial Services Group Inc. bought a new stake in Biomea Fusion in the fourth quarter worth $116,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Biomea Fusion during the 2nd quarter valued at about $36,000. Finally, High Net Worth Advisory Group LLC bought a new stake in shares of Biomea Fusion in the 2nd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

About Biomea Fusion

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.