Biomea Fusion, Inc. (NASDAQ:BMEA) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have earned a consensus rating of “Buy” from the eleven analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $21.40.

Several research firms recently issued reports on BMEA. Oppenheimer set a $10.00 target price on shares of Biomea Fusion in a report on Monday, March 24th. D. Boral Capital reissued a “buy” rating and issued a $16.00 price objective on shares of Biomea Fusion in a research note on Thursday, May 15th. HC Wainwright cut their target price on Biomea Fusion from $40.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Piper Sandler initiated coverage on Biomea Fusion in a report on Tuesday, June 3rd. They issued an “overweight” rating and a $7.00 target price for the company. Finally, Barclays dropped their price target on Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 2nd.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors have recently modified their holdings of BMEA. PNC Financial Services Group Inc. increased its stake in Biomea Fusion by 14.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 24,005 shares of the company’s stock valued at $93,000 after purchasing an additional 3,005 shares in the last quarter. Wexford Capital LP grew its holdings in shares of Biomea Fusion by 2.3% during the fourth quarter. Wexford Capital LP now owns 133,343 shares of the company’s stock valued at $517,000 after buying an additional 3,007 shares during the last quarter. Wells Fargo & Company MN increased its position 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 acquiring an additional 4,399 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Biomea Fusion by 27.6% in the 4th quarter. JPMorgan Chase & Co. now owns 22,535 shares of the company’s stock worth $87,000 after acquiring an additional 4,868 shares during the last quarter. Finally, Barclays PLC lifted its position in Biomea Fusion by 18.4% in the 4th quarter. Barclays PLC now owns 46,904 shares of the company’s stock valued at $182,000 after acquiring an additional 7,284 shares in the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.

Biomea Fusion Trading Up 5.6%

Shares of BMEA stock opened at $2.63 on Tuesday. Biomea Fusion has a 1-year low of $1.29 and a 1-year high of $13.07. The stock has a market cap of $98.81 million, a price-to-earnings ratio of -0.66 and a beta of -0.23. The stock has a 50-day moving average of $1.83 and a 200-day moving average of $3.24.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.04. Sell-side analysts forecast that Biomea Fusion will post -3.93 earnings per share for the current year.

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.