Biomea Fusion, Inc. (NASDAQ:BMEA) Given Average Recommendation of “Buy” by Brokerages

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have been assigned a consensus rating of “Buy” from the thirteen research firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $39.36.

A number of research firms recently weighed in on BMEA. Piper Sandler upped their price target on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays upped their price target on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Scotiabank upped their price target on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research note on Friday, September 27th. RODMAN&RENSHAW raised Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Finally, EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th.

Biomea Fusion Price Performance

Shares of NASDAQ:BMEA opened at $3.98 on Friday. The company has a market capitalization of $144.23 million, a price-to-earnings ratio of -0.99 and a beta of -0.35. The business’s 50-day moving average is $5.83 and its 200-day moving average is $6.94. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $20.21.

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

Hedge Funds Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently bought and sold shares of BMEA. Renaissance Technologies LLC bought a new position in Biomea Fusion during the second quarter valued at $1,481,000. Griffin Asset Management Inc. lifted its position in shares of Biomea Fusion by 147.0% during the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after acquiring an additional 57,180 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Biomea Fusion during the second quarter worth $237,000. XTX Topco Ltd purchased a new stake in shares of Biomea Fusion during the second quarter worth $207,000. Finally, FMR LLC lifted its position in shares of Biomea Fusion by 0.7% during the third quarter. FMR LLC now owns 5,431,525 shares of the company’s stock worth $54,858,000 after acquiring an additional 39,959 shares in the last quarter. 96.72% of the stock is 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.