Biomea Fusion, Inc. (NASDAQ:BMEA) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Biomea Fusion, Inc. has received a consensus rating of "Buy" from eleven research firms, with analysts setting an average one-year price target of $20.10.
• Shares of Biomea Fusion have recently declined, currently trading at $1.65, with a market capitalization of $61.99 million and a 52-week high of $13.07.
• Recent reports reveal that institutional investors have significantly increased their stakes in Biomea Fusion, highlighting strong investor interest in the company despite its lower stock performance.

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) have received an average recommendation of "Buy" from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $20.10.

BMEA has been the topic of a number of analyst reports. Piper Sandler initiated coverage on Biomea Fusion in a report on Tuesday, June 3rd. They set an "overweight" rating and a $7.00 price objective on the stock. Citigroup decreased their price objective on Biomea Fusion from $22.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. HC Wainwright decreased their price objective on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, D. Boral Capital restated a "buy" rating and set a $16.00 target price on shares of Biomea Fusion in a research report on Monday, July 21st.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in shares of Biomea Fusion by 27.6% during the fourth 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. Wellington Management Group LLP acquired a new position in Biomea Fusion in the fourth quarter valued at about $317,000. Wells Fargo & Company MN boosted 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 buying an additional 4,399 shares during the period. Federated Hermes Inc. acquired a new position in shares of Biomea Fusion during the fourth quarter worth about $463,000. Finally, Renaissance Technologies LLC boosted its position in shares of Biomea Fusion by 317.7% during the fourth quarter. Renaissance Technologies LLC now owns 343,732 shares of the company's stock worth $1,334,000 after buying an additional 261,432 shares during the period. Institutional investors own 96.72% of the company's stock.

Biomea Fusion Stock Down 5.4%

Shares of BMEA traded down $0.09 during midday trading on Wednesday, reaching $1.57. 1,060,128 shares of the stock were exchanged, compared to its average volume of 904,454. Biomea Fusion has a 12-month low of $1.29 and a 12-month high of $13.07. The firm has a 50 day simple moving average of $1.94 and a 200-day simple moving average of $2.42. The company has a market cap of $58.98 million, a price-to-earnings ratio of -0.44 and a beta of -0.14.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.80) earnings per share for the quarter, topping analysts' consensus estimates of ($0.84) by $0.04. Research analysts expect that Biomea Fusion will post -3.93 earnings per share for the current fiscal 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.