Biomea Fusion (NASDAQ:BMEA) Price Target Cut to $3.00 by Analysts at Barclays

Biomea Fusion (NASDAQ:BMEA) had its price objective lowered by Barclays from $11.00 to $3.00 in a research note published on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

BMEA has been the topic of several other research reports. HC Wainwright reissued a “buy” rating and issued a $40.00 target price on shares of Biomea Fusion in a report on Monday. Oppenheimer set a $10.00 price objective on Biomea Fusion in a report on Monday, March 24th. Finally, D. Boral Capital restated a “buy” rating and set a $16.00 target price on shares of Biomea Fusion in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $23.91.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA opened at $2.16 on Wednesday. The stock’s 50-day moving average is $3.19 and its two-hundred day moving average is $5.89. The company has a market cap of $78.28 million, a price-to-earnings ratio of -0.54 and a beta of -0.26. Biomea Fusion has a 1-year low of $1.87 and a 1-year high of $14.43.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Monday, March 31st. The company reported ($0.81) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.19. Equities research analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

A number of hedge funds and other institutional investors have recently made changes to their positions in BMEA. Bayesian Capital Management LP purchased a new position in shares of Biomea Fusion in the 4th quarter valued at approximately $42,000. Wells Fargo & Company MN lifted its holdings in shares of Biomea Fusion by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock worth $50,000 after purchasing an additional 4,399 shares during the period. Intech Investment Management LLC purchased a new position in Biomea Fusion in the 4th quarter valued at $54,000. SG Americas Securities LLC acquired a new position in Biomea Fusion in the 4th quarter valued at $58,000. Finally, Maia Wealth LLC purchased a new position in Biomea Fusion during the 4th quarter worth $62,000. 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.