Biomea Fusion (NASDAQ:BMEA) Given Market Outperform Rating at Citizens Jmp

Key Points

• Citizens JMP reaffirmed its “market outperform” rating on Biomea Fusion and assigned a $7.00 price target, while analysts’ consensus remains “Moderate Buy” with an average target of $7.60.
• Biomea Fusion shares opened at $0.89, near their 52-week low of $0.87, with a market capitalization of approximately $64.1 million. The company reported quarterly EPS of $(0.12), beating estimates of $(0.22).
• Institutional investors own 96.72% of the company, with Renaissance Technologies significantly increasing its position and BlackRock initiating a new stake.

Biomea Fusion (NASDAQ:BMEA - Get Free Report)'s stock had its "market outperform" rating reaffirmed by analysts at Citizens Jmp in a report released on Wednesday, Benzinga reports. They presently have a $7.00 price target on the stock.

A number of other analysts have also commented on the stock. Brookline Capital Markets initiated coverage on shares of Biomea Fusion in a research note on Wednesday, October 7th. They set a "buy" rating for the company. Citigroup restated a "market outperform" rating on shares of Biomea Fusion in a report on Wednesday, September 30th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Biomea Fusion in a research note on Monday, September 28th. Wall Street Zen upgraded shares of Biomea Fusion from a "sell" rating to a "hold" rating in a report on Monday, October 5th. Finally, HC Wainwright reissued a "buy" rating and set a $4.00 target price on shares of Biomea Fusion in a research report on Wednesday. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $7.60.

Biomea Fusion Stock Performance

Shares of Biomea Fusion stock opened at $0.89 on Wednesday. Biomea Fusion has a 52 week low of $0.87 and a 52 week high of $2.24. The stock has a 50 day moving average price of $1.53 and a two-hundred day moving average price of $1.47. The stock has a market capitalization of $64.14 million, a PE ratio of -3.10 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.22) by $0.10. Research analysts forecast that Biomea Fusion will post -0.71 EPS for the current year.

Institutional Trading of Biomea Fusion

A number of hedge funds have recently bought and sold shares of BMEA. Renaissance Technologies LLC increased its position in shares of Biomea Fusion by 174.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company's stock valued at $2,009,000 after purchasing an additional 834,179 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Biomea Fusion during the 2nd quarter worth $1,052,000. GSA Capital Partners LLP bought a new stake in shares of Biomea Fusion during the 2nd quarter worth $318,000. ADAR1 Capital Management LLC purchased a new position in shares of Biomea Fusion in the 2nd quarter worth about $64,000. Finally, Rathbones Group PLC purchased a new position in shares of Biomea Fusion in the 1st quarter worth about $57,000. 96.72% of the stock is currently owned by institutional investors.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for serious diseases with significant unmet medical needs. The company's research platform is centered on covalent chemistry, an approach designed to create potentially durable interactions between medicines and their biological targets.

Biomea's lead investigational product is icovamenib, formerly known as BMF-219, an oral covalent menin inhibitor. The company has evaluated icovamenib in oncology indications, including certain blood cancers, and is also investigating its potential in metabolic diseases such as diabetes.