Biomea Fusion (NASDAQ:BMEA) Raised to “Buy” at Rodman & Renshaw

Biomea Fusion (NASDAQ:BMEA) was upgraded by stock analysts at Rodman & Renshaw from a “neutral” rating to a “buy” rating in a report issued on Thursday, Benzinga reports. The brokerage currently has a $18.00 price objective on the stock. Rodman & Renshaw’s price target points to a potential upside of 94.59% from the stock’s previous close.

Several other research firms have also weighed in on BMEA. Citigroup dropped their price target on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. HC Wainwright reissued a “buy” rating and issued a $15.00 price target on shares of Biomea Fusion in a report on Thursday, August 1st. Capital One Financial began coverage on Biomea Fusion in a research report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price objective on the stock. Piper Sandler decreased their price target on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, June 7th. Finally, Truist Financial lowered shares of Biomea Fusion from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.60.

Biomea Fusion Stock Performance

Shares of NASDAQ BMEA traded up $0.48 during trading hours on Thursday, hitting $9.25. The stock had a trading volume of 3,850,116 shares, compared to its average volume of 1,034,126. The company has a market capitalization of $334.94 million, a P/E ratio of -2.59 and a beta of -0.47. The firm’s 50-day moving average price is $6.71 and its two-hundred day moving average price is $9.04. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, hitting the consensus estimate of ($1.03). As a group, analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in Biomea Fusion in the second quarter worth $36,000. High Net Worth Advisory Group LLC purchased a new position in Biomea Fusion during the 2nd quarter valued at about $45,000. Scientech Research LLC purchased a new stake in Biomea Fusion in the 2nd quarter valued at approximately $46,000. DRW Securities LLC purchased a new position in Biomea Fusion during the second quarter worth $55,000. Finally, Quest Partners LLC acquired a new stake in shares of Biomea Fusion during the fourth quarter valued at $79,000. 96.72% of the stock is 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.