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

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 earned an average recommendation of "Buy" from the twelve brokerages that are covering the company, MarketBeat reports. One 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 12-month price target among analysts that have issued ratings on the stock in the last year is $16.80.

A number of equities analysts have commented on the company. Scotiabank decreased their target price on Biomea Fusion from $30.00 to $10.00 and set a "sector outperform" rating for the company in a research note on Wednesday, August 6th. Piper Sandler began coverage on Biomea Fusion in a report on Tuesday, June 3rd. They set an "overweight" rating and a $7.00 target price for the company. Citigroup lowered their target price on Biomea Fusion from $9.00 to $7.00 and set a "buy" rating for the company in a report on Monday, August 11th. Oppenheimer reaffirmed an "outperform" rating on shares of Biomea Fusion in a report on Tuesday, August 5th. Finally, HC Wainwright lowered their target price on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday, May 6th.

Biomea Fusion Price Performance

NASDAQ:BMEA traded up $0.03 during mid-day trading on Friday, reaching $1.86. The stock had a trading volume of 343,334 shares, compared to its average volume of 1,336,411. The company has a market capitalization of $110.69 million, a price-to-earnings ratio of -0.61 and a beta of -0.14. Biomea Fusion has a 1-year low of $1.29 and a 1-year high of $13.07. The stock's 50 day simple moving average is $1.77 and its two-hundred day simple moving average is $2.12.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.51) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.08. Sell-side analysts anticipate that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in Biomea Fusion by 98.0% in the 4th quarter. Bank of America Corp DE now owns 51,180 shares of the company's stock worth $199,000 after buying an additional 25,332 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Biomea Fusion by 3.9% during the 4th quarter. Northern Trust Corp now owns 322,650 shares of the company's stock worth $1,252,000 after acquiring an additional 12,210 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Biomea Fusion by 90.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 165,937 shares of the company's stock worth $353,000 after acquiring an additional 78,579 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Biomea Fusion by 140.9% in the first quarter. Exchange Traded Concepts LLC now owns 50,550 shares of the company's stock worth $108,000 after buying an additional 29,565 shares during the period. Finally, Two Sigma Investments LP boosted its position in shares of Biomea Fusion by 104.4% in the fourth quarter. Two Sigma Investments LP now owns 559,930 shares of the company's stock worth $2,173,000 after buying an additional 286,049 shares during the period. 96.72% of the stock is owned by institutional investors.

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.