Biomea Fusion, Inc. (NASDAQ:BMEA) Receives Average Recommendation of "Buy" from Brokerages

Key Points

• Biomea Fusion, Inc. (NASDAQ:BMEA) has received a consensus rating of "Buy" from 12 research firms, with an average target price of $16.80 for the stock.
• Recent analyst reports show price target adjustments, including a drop from $40.00 to $18.00 by HC Wainwright and from $30.00 to $10.00 by Scotiabank.
• Institutional investors hold 96.72% of Biomea Fusion's stock, with significant increases in holdings from firms like Renaissance Technologies and JPMorgan Chase.

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) have been assigned an average rating of "Buy" from the twelve research firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $14.80.

BMEA has been the topic of several research analyst reports. Piper Sandler initiated coverage on Biomea Fusion in a research note on Tuesday, June 3rd. They issued an "overweight" rating and a $7.00 price objective on the stock. Scotiabank cut their price target on Biomea Fusion from $30.00 to $10.00 and set a "sector outperform" rating on the stock in a research note on Wednesday, August 6th. Citigroup cut their price target on Biomea Fusion from $9.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Jefferies Financial Group initiated coverage on Biomea Fusion in a research note on Thursday. They set a "buy" rating and a $5.00 price target on the stock. Finally, Oppenheimer reissued an "outperform" rating on shares of Biomea Fusion in a research note on Tuesday, August 5th.

Biomea Fusion Price Performance

NASDAQ:BMEA traded up $0.03 during trading hours on Friday, hitting $1.95. The company's stock had a trading volume of 590,011 shares, compared to its average volume of 672,859. The stock has a fifty day simple moving average of $1.77 and a 200-day simple moving average of $2.09. The company has a market capitalization of $116.04 million, a P/E ratio of -0.64 and a beta of -0.14. Biomea Fusion has a twelve month low of $1.29 and a twelve month high of $13.07.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.08. On average, equities analysts predict that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Hedge funds have recently made changes to their positions in the company. Bayesian Capital Management LP acquired a new stake in shares of Biomea Fusion during the fourth quarter valued at about $42,000. Wells Fargo & Company MN boosted its stake 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 valued at $50,000 after purchasing an additional 4,399 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Biomea Fusion during the second quarter valued at about $26,000. CWM LLC boosted its stake in shares of Biomea Fusion by 8,058.5% during the first quarter. CWM LLC now owns 16,888 shares of the company's stock valued at $36,000 after purchasing an additional 16,681 shares in the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Biomea Fusion in the first quarter worth approximately $37,000. 96.72% of the stock is owned by institutional investors and hedge funds.

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.