Piper Sandler Begins Coverage on Biomea Fusion (NASDAQ:BMEA)

Investment analysts at Piper Sandler assumed coverage on shares of Biomea Fusion (NASDAQ:BMEA - Get Free Report) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $7.00 price target on the stock. Piper Sandler's price objective would suggest a potential upside of 181.12% from the company's current price.

Other equities analysts have also issued reports about the stock. HC Wainwright cut their price objective on shares of Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. D. Boral Capital reissued a "buy" rating and issued a $16.00 price target on shares of Biomea Fusion in a report on Thursday, May 15th. Oppenheimer set a $10.00 price target on shares of Biomea Fusion in a research report on Monday, March 24th. Finally, Barclays decreased their price target on shares of Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 2nd. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $21.40.

Biomea Fusion Trading Up 1.6%

Shares of NASDAQ BMEA traded up $0.04 during mid-day trading on Tuesday, hitting $2.49. The company had a trading volume of 1,260,597 shares, compared to its average volume of 1,195,462. The company has a market capitalization of $93.55 million, a price-to-earnings ratio of -0.62 and a beta of -0.23. Biomea Fusion has a 1 year low of $1.29 and a 1 year high of $13.07. The stock's 50-day moving average price is $1.82 and its 200-day moving average price is $3.31.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.84) by $0.04. As a group, equities research analysts forecast that Biomea Fusion will post -3.93 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMEA. Northern Trust Corp raised its position in Biomea Fusion by 3.9% during the fourth quarter. Northern Trust Corp now owns 322,650 shares of the company's stock valued at $1,252,000 after purchasing an additional 12,210 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Biomea Fusion in the 4th quarter worth about $317,000. Two Sigma Investments LP boosted its holdings in shares of Biomea Fusion by 104.4% in the 4th quarter. Two Sigma Investments LP now owns 559,930 shares of the company's stock worth $2,173,000 after purchasing an additional 286,049 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Biomea Fusion during the 4th quarter valued at about $453,000. Finally, Barclays PLC raised its holdings in shares of Biomea Fusion by 18.4% during the 4th quarter. Barclays PLC now owns 46,904 shares of the company's stock valued at $182,000 after buying an additional 7,284 shares in the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

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.