HC Wainwright Reiterates “Buy” Rating for Biomea Fusion (NASDAQ:BMEA)

HC Wainwright reiterated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a report published on Tuesday,Benzinga reports. They currently have a $40.00 target price on the stock.

Several other analysts have also issued reports on the company. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. Barclays lifted their price target on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Scotiabank increased their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Piper Sandler lifted their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, 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, September 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $39.36.

Biomea Fusion Price Performance

NASDAQ:BMEA opened at $4.06 on Tuesday. The stock has a market cap of $147.13 million, a PE ratio of -1.01 and a beta of -0.35. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $20.21. The stock’s 50-day moving average is $5.54 and its two-hundred day moving average is $6.94.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. On average, equities research analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current year.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Biomea Fusion by 46.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after buying an additional 29,400 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Biomea Fusion by 29.6% in the second quarter. Rhumbline Advisers now owns 36,238 shares of the company’s stock worth $163,000 after acquiring an additional 8,272 shares during the last quarter. Renaissance Technologies LLC bought a new position in Biomea Fusion during the second quarter worth $1,481,000. XTX Topco Ltd acquired a new position in Biomea Fusion during the 2nd quarter valued at $207,000. Finally, DRW Securities LLC bought a new stake in Biomea Fusion in the 2nd quarter valued at $55,000. 96.72% of the stock is currently owned by institutional investors.

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.