Biomea Fusion (NASDAQ:BMEA) Upgraded to Buy by Rodman & Renshaw

Biomea Fusion (NASDAQ:BMEA) was upgraded by investment analysts at Rodman & Renshaw from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat reports. The firm presently has a $18.00 price objective on the stock. Rodman & Renshaw’s price target indicates a potential upside of 81.82% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Barclays lowered shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $30.00 to $5.00 in a research report on Friday, June 7th. Citigroup dropped their price objective on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Capital One Financial initiated 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. Scotiabank dropped their price target on 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. Finally, HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Biomea Fusion in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.40.

Biomea Fusion Stock Up 3.4 %

BMEA opened at $9.90 on Thursday. Biomea Fusion has a 52 week low of $3.61 and a 52 week 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. The stock’s fifty day moving average is $6.89 and its two-hundred day moving average is $9.00.

Biomea Fusion (NASDAQ:BMEA) last announced 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). Equities analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current year.

Hedge Funds Weigh In On Biomea Fusion

Large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Biomea Fusion in the second quarter valued at $36,000. High Net Worth Advisory Group LLC acquired a new stake in Biomea Fusion in the second quarter valued at approximately $45,000. Scientech Research LLC acquired a new stake in Biomea Fusion in the second quarter valued at approximately $46,000. DRW Securities LLC purchased a new stake in shares of Biomea Fusion in the second quarter valued at approximately $55,000. Finally, Quest Partners LLC acquired a new position in shares of Biomea Fusion during the 4th quarter worth approximately $79,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.