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

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 been assigned a consensus recommendation of "Buy" from the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $20.10.

A number of research analysts recently issued reports on the stock. D. Boral Capital reiterated a "buy" rating and issued a $16.00 price objective on shares of Biomea Fusion in a report on Monday, July 21st. Citigroup dropped their price objective on shares of Biomea Fusion from $22.00 to $9.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Piper Sandler assumed coverage on shares of Biomea Fusion in a report on Tuesday, June 3rd. They issued an "overweight" rating and a $7.00 price objective for the company. Finally, HC Wainwright lowered their price objective on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th.

Hedge Funds Weigh In On Biomea Fusion

Large investors have recently added to or reduced their stakes in the business. Bayesian Capital Management LP purchased a new position in Biomea Fusion during the fourth quarter worth about $42,000. Wells Fargo & Company MN boosted its holdings in 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 purchasing an additional 4,399 shares during the last quarter. CWM LLC boosted its holdings in Biomea Fusion by 8,058.5% during the first quarter. CWM LLC now owns 16,888 shares of the company's stock worth $36,000 after purchasing an additional 16,681 shares during the last quarter. Cerity Partners LLC purchased a new position in Biomea Fusion during the first quarter worth about $37,000. Finally, JPMorgan Chase & Co. boosted its holdings in 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 purchasing an additional 4,868 shares during the last quarter. Institutional investors own 96.72% of the company's stock.

Biomea Fusion Stock Performance

BMEA traded down $0.09 during trading on Wednesday, reaching $1.57. 1,054,422 shares of the stock were exchanged, compared to its average volume of 1,427,497. The stock has a market cap of $58.99 million, a P/E ratio of -0.44 and a beta of -0.13. Biomea Fusion has a twelve month low of $1.29 and a twelve month high of $13.07. The stock's 50 day moving average price is $1.94 and its two-hundred day moving average price is $2.44.

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

Biomea Fusion Company Profile

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.